The International Solar Alliance (ISA) has established an investment advisory committee and has partnered with Nordic institutional investors to mobilise $1 trillion for investment in solar energy by 2030.
“ISA announced the establishment of an Investment Advisory Committee composing of leading institutional investors, including multilateral and commercial organizations, to guide ISA on its objective of mobilising investments of $1 trillion in solar energy by 2030 to address Energy Access, Energy Transition, and Energy Security at global and national levels,” an ISA statement said.
The vision of the partnership is to translate this goal into real investments on the ground, engaging investment and finance – initially focusing on the Nordic countries – to mobilize more private finance for solar energy in emerging markets and developing economies, it added.
According to the statement, confirmed advisory committee members include senior representatives from Africa50, CDPQ Global, IFC, the Development Bank of Southern Africa, Capricorn Investment Group and Temasek.
The advisory committee’s efforts will inform and direct partnerships that ISA establishes to achieve the $1 trillion solar investment target, such as the new partnership it is announcing with Denmark’s Investment Fund for Developing Countries (IFU), CONCITO, and World Climate Fund, it stated.
“We are pleased to announce the establishment of the Advisory Committee and are deeply heartened by the participation of an influential Nordic partners group. The members of the Advisory Committee have depth and diversity of years of experience, and their guidance on solutions will help drive investments across regions,” said Ajay Mathur, Director General, ISA.
Their guidance, as well as the partnerships with IFU, CONCITO and World Climate Fund will help us unearth opportunities and establish the conditions that facilitate an expanded flow of institutional capital into solar energy, he said.
The new ISA partnership will build on the Solar Investment Action Agenda released at COP26, and on ISA’s ongoing efforts with the World Resources Institute (WRI), Bloomberg Philanthropies and BloombergNEF to develop a Solar Investment Roadmap to be launched in 2022.