India is a 'red-hot investment destination for solar': John Kerry

The US Presidential Special Envoy for climate change was speaking at the Fourth Assembly of the ISA, just weeks ahead of the crucial global climate conference COP26 in Glasgow

The US Presidential Special Envoy for climate change John Kerry, in his address to the International Solar Alliance (ISA), on Wednesday said India is the “red hot investment destination” for the solar sector and said the country has set an example for the developing nations by reaching 100 Gw of renewable energy capacity.

Kerry was speaking at the Fourth Assembly of the ISA, just weeks ahead of the crucial global climate conference COP26 in Glasgow, UK. The session was hosted by R K Singh, union minister for power, new and renewable energy. Singh said in the post-pandemic world, it has become an absolute necessity to enable livelihoods, clean and sustainable energy solutions to all.

“ISA was founded to bring the global community together, synergize our efforts, leverage our complementarities to overcome such barriers. ISA can provide energy access for 800 million people who lack energy access worldwide,” Singh said adding by 2022, India will have 175 Gw of renewable energy and 450 Gw by 2030.

Singh said India is on its way to meet its Intended Nationally Determined Contributions (INDC) for climate change mitigation committed during the Paris COP21.

Kerry said US strongly supports India’s goal of reaching 450 GW of renewable energy by 2030. “India is a red-hot investment destination for solar power and that can be true for every single member of the ISA. Still, there are serious headwinds ahead for Solar’s rise. ISA. India is a close partner and 450 Gw target is absolutely doable and will be done,” said Kerry.

He also further said, with 1,000 GW of installed solar energy, solar would play the biggest role in a completely carbon-free electric power sector by 2035. Though Kerry did shift the blame on developing nations for carbon emissions. “But it’s not enough for the United States to invest in solar energy. Nearly 90 per cent of greenhouse gas emissions come from outside the United States and that’s why the ISA is so critical," he said.

Singh, in his address, however, pointed out that the available carbon space has been taken up by the developed world. For the developing world to develop, this carbon space needs to be free for the developing countries. They need to enable access to electricity but it should be done in a clean way,” Singh said.

Speaking at the same event, Executive-Vice President for the European Green Deal, Frans Timmermans announced the imminent launch of a project, worth around 1 million Euro, funded by the European Union. The project would aim to strengthen the engagement of EU, EU Member States, & EU academic, business and financial communities with the ISA.

The Fourth Assembly of the ISA, which is being hosted in India this week, will deliberate on the key initiatives around the operationalisation of the Global green grid initiative, the $1 trillion Solar Investment Roadmap for 2030, and approval of a Blended Financial Risk Mitigation Facility.

Officially announced during the COP21 in Paris in 2015, the ISA is a partnership of solar resource-rich countries. Currently, 121 countries have agreed to be members of ISA. Most of these are countries with a large participation from Africa, South-east Asia, and Europe. Pakistan and China are not members of the ISA. It is headquartered in Gurugram.