Developed nations to fund solar projects through international alliance: RK Singh

Singh said the time had come for the developed world to fulfil the unmet pledges made in previous climate conferences to make 100 billion dollars available for the transition to clean energy sources

RK Singh, minister of power and new and renewable energy demanded that developed countries fund solar power projects in poor countries through the International Solar Alliance. During the ministerial plenary of ISA’s fourth general assembly on Wednesday, Singh said the developed world cannot say, sorry it’s not my business when it comes to funding clean energy projects.

Singh warned if there is no funding from developed countries, then development in emerging and poor economies will be fossil fuel based (AFP Photo)

“It is your business. You developed using fossil fuels and occupied most of carbon space. This emergency of climate change in some ways you have created,” he said in his opening remarks. He added that for the developing world some carbon space should be free. “We have 800 million people around the world without access to energy and ISA can play a major role in ensuring that access. It is incumbent upon the entire developed world to enable the ISA to do this,” Singh said.

He warned that if there is no funding from developed countries, ultimately development in emerging and poor economies will be fossil fuel based. He said that the time had come to fulfil the unmet pledges made in previous climate conferences to make 100 billion dollars available for the transition . “Not for India, but for other countries which need clean energy,” Singh said, asking for directing funding to ISA to set up solar parks, renewable energy parks in countries with low energy access to help them develop clean energy generation options.

John Kerry, US Special Presidential Envoy on Climate said that the global target to reach net zero emissions by 2050 needed dramatic action in the present decade. “To keep 1.5 degrees Celsius within reach, we need to take dramatic action during this critical decade in order to reduce emissions by half worldwide. If we don’t do enough between 2020 and 2030, we can’t achieve net zero by 2050 and we certainly can’t keep in limit the rise of the earth’s temperature by 1.5 degrees.” But, he also made it clear that US alone shouldn’t be expected to invest in solar energy.

Kerry said the US has targeted a 50-52% reduction in U.S. economy wide greenhouse gas emissions in 2030 and a roadmap published by the US department of energy recently shows how solar energy could economically generate 40% of the country’s electricity supply by 2035. “But its not enough for the United States to invest in solar energy. Nearly 90% of greenhouse gas emissions come from outside the United States and that’s why the International Solar Alliance is so critical,” he said.

Kerry said solar is the cheapest source of new electricity in more than a dozen countries, spanning India, China, Saudi Arabia, Australia, Egypt, Chile and more but it still counts for just over 2% of global electricity.

Frans Timmermans, European Commission Executive Vice President for the European Green Deal said EU will support investment in renewable energy as there was a huge appetite for sustainable investment support for small-scale renewables, roof top and community level projects and offshore wind projects.

“I am hugely impressed by India’s commitment of having 450 GW of renewables by 2030. To make it happen, there is need for massive investment. Many European nations and EU want to be part of that development. We will need technology transfers and sharing of technology. There is a 1 million Euro support programme that will allow the deepening of cooperation between EU and ISA including by connecting and mobilising academic, financial and business communities,” he said, adding that after Netherlands and France that joined ISA in the beginning, six other EU members have joined the alliance and EU will urge the other 19 members to be part of ISA.