Fourth International Solar Alliance General Assembly
Part of: Prelims and Mains GS-II- Global Groupings & GS-III – Energy
In News: The Fourth Assembly of the ISA will deliberate on
- The key initiatives around the operationalisation of the OSOWOG initiative,
- The $1 trillion Solar Investment Roadmap for 2030
- Approval of a Blended Financial Risk Mitigation Facility
- Discuss the strategic plan of the ISA for the next five years encompassing a Country Partnership Framework, Strategy for Private Sector Engagement, and initiatives such as Viability Gap Financing scheme to facilitate affordable finance for solar energy projects across ISA’s membership.
- Discuss the partnership with Global Energy Alliance (GEA) to scale up technical and financial support to LDCs and SIDS.
‘One Sun One World One Grid’ (OSOWOG) initiative proposed by India
Proposed by India to set up a framework for facilitating global cooperation which aims at building a global ecosystem of interconnected renewable energy resources that can be easily shared
- Envisions building and scaling inter-regional energy grids to share solar energy across the globe, leveraging the differences of time zones, seasons, resources, and prices between countries and regions
- Help decarbonise energy production, which is today the largest source of global greenhouse gas emissions.
- With India’s Ministry of New and Renewable Energy, the World Bank and the ISA signing a tripartite agreement on OSOWOG, the initiative could be the world’s most important renewables catalyst. It can unlock unprecedented economies of scale in energy generation and transmission.
- Rigorous assessments and modelling have confirmed the initiative’s technical and economic viability, building a strong business case.
- Its commercial feasibility has been further augmented by multilateral development banks such as World Bank, which are helping create markets by driving down costs of solar power.
News Source: PIB