International Solar Alliance’s Global Solar Facility set to receive a capital contribution of $35 million dollars
- International Solar Alliance has infused $35 Million for Global Solar Facility (GSF).
Allocation to GLobal Solar Facility
- The International Solar Alliance (ISA) is allocating $35 million to its Global Solar Facility (GSF)
- to promote solar investments in underserved regions
- has a particular focus on Africa.
Contributions from Stakeholders
- The Government of India is considering
- a $25 million contribution to the GSF
- an additional $10 million from the ISA itself.
- Support for the GSF is also coming from
- Bloomberg Philanthropies
- the Children's Investment Fund Foundation (CIFF).
Primary Objective of GSF
- The primary objective of GSF is to attract investments to expedite the transition to solar energy.
- GSF aims to raise a total of $100 million
- to harness Africa's solar energy potential
- to mitigate investment risks in the region.
Expanding Solar Access in Africa
- GSF's mission is
- to facilitate $10 billion in investments
- offering clean energy access
- Covering 35-40 million African households by 2030
- benefiting about 200 million people in the region
- addressing the energy gap in the region.
Global Reach and Future Initiatives
- GSF's vision extends beyond Africa and includes plans to target regions like Asia, Latin America, and the Middle East.
- Future initiatives involve
- funding innovative technologies
- supporting startups,
- exploring emerging solar energy sectors.
Prelims Takeaway
- International Solar Alliance (ISA)
- Global Solar Facility (GSF)