Inquiry into International Solar Alliance agreement
September 14, 2017
The Joint Standing Committee on Treaties is conducting an inquiry into the International Solar Alliance, and the Framework Agreement that was signed in New Delhi on 18 July 2017. Australia joined the alliance at this time, becoming the 35th member.
The International Solar Alliance was established following the Paris Declaration on 30 November 2015, with the aim of massively increasing the uptake of solar energy with the aim of reducing greenhouse emissions and providing cheap clean energy in sun-rich countries.
Members of the alliance have agreed to jointly working to reduce the cost of finance and the cost of solar technology, mobilize more than US $ 1000 billion of investments needed by 2030 for massive deployment of solar energy, and pave the way for future technologies.
Under the International Solar Alliance, members undertake to cooperate in activities aimed at harmonising and aggregating demand for solar finance, solar technologies, innovation, research and development, and capacity building.
Membership of the ISA comprises 35 countries, including Australia, which lie fully or partially between the Tropic of Cancer and the Tropic of Capricorn, and which are members of the United Nations.
The Alliance is headquartered in India and funded by an initial €300 million supplied by the French Development Agency.
The Indian Renewable Energy Development Agency (IREDA) and the Solar Corporation of India (SECI) have also contributed funds, and there is an expectation that Australia will contribute.
Key focus areas of the Alliance are to:
promote solar technologies, new business models and investment in the solar sector to enhance prosperity
formulate projects and programmes to promote solar applications
develop innovative financial mechanisms to reduce cost of capital
build a common knowledge e-Portal
facilitate capacity building for promotion and absorption of solar technologies and R&D among member countries.