The International Solar Alliance’s (ISA) mission to solarize the world by 2030 looks promising as solar adoption in the Latin American and Caribbean (LAC) region has increased by 44% in 2021, compared to 26 % in 2020 and 15 % in 2019 but cautions were yesterday sounded about the cost of transitioning and the need for finance.
The rise in solarization was disclosed by Dr. Ajay Mathur, Director General of ISA, at the closing of the Fourth Regional Committee meeting of the LAC, which was held at the Arthur Chung Conference Centre, Guyana.
ISA was conceptualized in a joint effort by India and France on the sidelines of the 21st Conference of Parties (COP21) to the United Nations Framework Convention on Climate Change (UNFCCC) which was held in Paris in 2015. Its mandate is to develop and deploy cost-effective and transformational energy solutions, powered by the sun to help member countries develop low-carbon growth trajectories, with particular focus on delivering impact in
countries categorised as Least Developed Countries (LDCs) and the Small Island Developing States (SIDS).
Leaders from Latin America and the Caribbean came together for the first time in person and virtually for the three-day meeting held from August 3-5. Their aim is to work together to deploy solar energy technologies as a means of bringing energy access, ensuring energy security, and driving energy transition.
According to ISA, 107 countries have signed the framework agreement, while 80 countries have ratified it.
President Irfaan Ali in delivering the keynote address at the meeting, noted that transition to renewable energy was not a cheap process. He said that Guyana had not mastered the technology or the financial and business models to do so.
“This forum of the International Solar Alliance is to advance discussions on the challenges we will face with energy transitions and how we may find long-term solutions for them. We have to find answers, but let those answers be based on the realities we face,” he said.
And Prime Minister Mark Phillips noted the value of solar, in increasing access to energy, and in advancing energy security, as well as driving transition to clean and modern energy. He said that the substantial contribution of ISA has revealed the importance of strategic alliances in the deployment of solar energy technologies towards the shared goal of sustainability.
According to Phillips, the Government of Guyana has benefitted from ISA in technical cooperation and grant assistance. He said that he looks forward to continuing collaboration with ISA, as Guyana embarks on a broad transformation in the energy sector.
Dr Mathur said that he was pleased with the increase of the solar PV capacity in the region which, he said, was evolving and diversifying its solar energy applications. According to him, the LAC region was uniquely important to the ISA and to the global solar energy ecosystem.
The meeting was attended by representatives from 19 countries. They included Trinidad and Tobago’s Minister of Energy, Stuart Young; Senior Minister in the Office of the Prime Minister of Barbados, Dr William F. Duguid; Jean Fanfan Jourdain, Director of Coastal and Maritime Coast of Haiti and Tania Masea, Vice Minister, Ministry of Electric Power, Venezuela. Minister within the Ministry of Public Works Deodat Indar also attended the meeting.
The Trinidad and Tobago and Barbados ministers highlighted the need for financing solar projects for small developing states.
Dr Mathur pointed out that investors were cautious because of the perceived high risks of investments in solar energy. He said this was evident by the fact that of the US$200 billion invested globally, only 7% was invested in the LAC region. Mathur noted that there was a need for more finance from developed countries, banking institutions and the private sector for greater uptake of solar.
According to ISA, its mission is to solarize the world by 2030, enabling 1000GW of solar capacity, reducing emissions by 1000 metric tonnes, ensuring energy access for 1000 million people, and mobilizing solar investments of US 1 trillion dollars. ISA also plans to become a solar technology and application resource centre (STAR-Cs) in the region, extending technical support to all member countries in the region.
