The Indian Ministry of New & Renewable Energy (MNRE) have stated that a global solar power coalition will raise $1 trillion (ZAR16 trillion) to increase renewable energy capacity around the world, Climate Action reported on Tuesday.

The Indian government initiated the International Solar Alliance (ISA), which has 120 member countries, was started to strengthen cooperation between those countries with an abundance of solar resources.

Solar: strategy discussions

Climate Action reported that the first ISA international steering committee meeting took place earlier this month in Abu Dhabi, as part of the World Future Energy Summit.

The raised funds, which are largely expected to come from the World Bank and various international development banks, will be used for capacity building, developing innovative energy policies, implementing financial mechanisms for projects and for research and development.

Involvement from the private-sector is also encouraged.

According to Climate Action, India is aiming to achieve 100GW of solar power capacity by March 2022, a significant increase from the current 5GW.

Globe going green

Echoing the global increase of renewable power capacity, Greenpeace International said late last year that the world has the potential to become 100% powered by renewable energy by 2050 – all it needs is political will.

In order to attain this, global greenhouse gases need to decrease by an estimated 80% before 2050, which can be achieved through decarbonising the energy sector globally.

According to Emily Rochon, Technical Lead, Climate & Energy, Greenpeace International, in order to avoid a catastrophic climate change means to remain below the 20C threshold.

“Solar can do just about everything and its getting cheaper,” Rochon stressed.

Rochon highlighted that renewable power is cheap, with solar photovoltaic (PV) and wind already lower in cost than new nuclear and coal. Renewable technology is faster to deploy and faster to build as well as being flexible.

In terms of solar PV flexibility, Rochon told ESI Africa at the time that the technology can be used both on small and large applications. On a small scale, solar can be used to power parking meters and street lights. On a larger scale it can be installed on rooftops, parking canopies, landfills and in agricultural settings.

“Solar can provide power to keep the lights on and it can provide heat when paired with an air source heat pump. Solar can also be used to solve non-energy issues. For example, when used in car parks in snowy areas, it doubles as a shelter in the winter months to keep snow off cars and save money on snow removal efforts,” Rochon explained.