Bloomberg Philanthropies and the International Solar Alliance (ISA) announced a partnership to mobilize $1 trillion in global investments for solar energy across ISA’s member countries.
The two organizations will kick off the partnership by working with World Resources Institute (WRI) to develop a Solar Investment Action Agenda and a Solar Investment Roadmap, which will be launched at COP26 and in 2022, respectively.
To support the new partnership, BloombergNEF (BNEF) released the Scaling Up Solar in ISA Member Countries report, which will serve as the analytical backing for both the Action Agenda and Solar Investment Roadmap.
Drawing on the BNEF analysis, Bloomberg Philanthropies, ISA and WRI will work together to ensure ISA member countries and partners agree on the necessary pathways for scaling up investment and commit to catalyzing USD 1 trillion toward solar energy by 2030. This partnership aims to kickstart the required catalytic investment across ISA member countries through the Solar Investment Action Agenda.
Michael R. Bloomberg, UN Secretary General’s Special Envoy for Climate Ambition and Solutions and Founder of Bloomberg LP and Bloomberg Philanthropies said Global energy demand is rapidly rising, especially in developing countries, and the price of solar power is rapidly falling – but there is not enough of it being deployed.
By speeding up investment in solar power, this new partnership will help to curb the carbon emissions that are heating the planet – while also spurring economic growth, creating jobs, and reducing costs for the public, he added.
RK Singh, Minister of Power & Minister of New and Renewable Energy said, “When Government of India launched the International Solar Alliance, we recognized the incredible role that solar can play in decarbonizing economies and lifting communities out of energy poverty. It is clear that substantially more investment is needed to accelerate these benefits—and today’s partnership will pave the way for us to get there. With strong data and clear policy recommendations, we can catalyze the investment we need.”
Dr. Ajay Mathur, Director General, International Solar Alliance said, “ISA has a vital role to help establish the infrastructure and ecosystem for a zero-carbon emission future. With strong foundations already in place, our immediate focus is to identify and mobilize the opportunities and capital to accelerate our solarization goals in the interim and long-term. This partnership would help three different but interlinked objectives: promoting a clean energy transition; enabling energy access and energy security; and delivering a new economic driver for ISA member countries.”
The analysis from BNEF serves as the foundation, with regional, sectoral, and country level information on key challenges in solar markets, both off and on-grid investments, and for different solar applications—including decentralized grids and rooftop solar.