India to set up $350 Million fund for development of Solar Projects.

TNPSC Current Affairs - January 2018 by TNPSC Guru

Union Minister Raj Kumar Singh, said that India to set up $350 Million fund for development of Solar Projects and will achieve its target of 175 GW of installed Renewable Energy capacity before 2020.

He said this while addressing in two Day Event of ‘International Solar Alliance Forum’ conducted by International Solar Alliance at the Future World Energy Summit (WFES) 2018, Abu Dhabi.

About International Solar Alliance (ISA):

• ISA is an Indian Initiative jointly launched by India and France in sideline of COP-21 on November 30 2015 at Paris, France
• International Solar Alliance (ISA) has became treaty –based international Intergovernmental organization in December 2016 which is headquartered in India located in the campus of National Institute of Solar Energy, Gurgaon.
• ISA aims at addressing obstacles on using solar energy efficiently and will help to utilise Solar energy efficiently in the solar energy rich countries. .
• In simple, it is an association of countries with the aim to increase the production of Solar Energy.
• As of now 44 countries have signed and 15countries ratified the framework agreement of the ISA.
• Most of the member countries are who either fully or partially lay between Tropic of Capricorn and Tropic of Cancer.
• India has taken leadership to share its technology and funds to some African Countries (don’t have fund and technology) to harness the solar energy.