The Rural Electrification Corporation (REC) committed $1 million to the International Solar Alliance (ISA), which was signed in accordance to the Paris Declaration on 30th November 2015. The decision was communicated at the World Environment Day which is being hosted by India this year. Incidentally, India is also a founding member of the ISA.
“In view of the World Environment Day 2018, REC contributed USD one million to the International Solar Alliance (ISA), becoming a corpus contributor,” said REC in a statement. REC Chairman and Managing Director P V Ramesh handed over the cheque to Interim Director General of ISA Upendra Tripathy in the presence of the Power Minister R K Singh, REC’s Director (Technical) S K Gupta and other senior officials from the two organisations. The pact was made on 4th June 2018 at the Environment Day Exhibition held at Vigyan Bhawan, New Delhi.
“The REC is extremely proud to partner with ISA and promote sustainability through global collaboration, especially with India hosting the World Environment Day this year”. Said PV Ramesh.
The REC has recently been looking at ways to increase its renewable energy portfolio as well as venture into electric vehicles and storage. The REC regularly invests in the power sector and this latest development places it in line with its vision to expand on renewables. Incidentally, it may be noted that the solar sector in particular has been heavily funded, thanks to its long gestation periods and long-term contracts.
The International Solar Alliance is the shared ambition to undertake joint efforts required to reduce the cost of finance, the cost of technology and mobilize more than 1000 billion USD of investments needed by 2030 for massive deployment of solar energy in order to pave the way for future technologies.
The vision and mission of the International Solar Alliance is to provide a dedicated platform for cooperation among solar resource rich countries where the global community, including bilateral and multilateral organisations, corporates, industry, and other stakeholders, can make a positive contribution to assist and help achieve the common goals of increasing the use of solar energy in meeting energy needs of prospective ISA member countries in a safe, convenient, affordable, equitable and sustainable manner.