Renewable energy sources can meet 65% of world’s power supply, 90% by 2050: Union Minister R.K Singh
Minister of Power and New and Renewable Energy RK Singh stated that renewable energy sources have the potential to supply 65 percent of the world’s total electricity by 2030 and decarbonise 90 percent of the power sector by 2050.
The Sixth Assembly of the International Solar Alliance, ISA was held in New Delhi today. Speaking on the occasion, the Minister said the International Solar Alliance is steadfast in its commitment to Member Countries to make solar as the energy source of choice. He added, ISA, through its Viability Gap Funding mechanism, provides a grant of 150 thousand dollars or 10 percent of the project cost per country per project, whichever is lower.
The Minister further stated that the Assembly has decided to increase the range to 35 percent of the project cost, depending on the capacity and needs of the countries and their respective projects.
Ministers from 20 countries and delegates from across 116 Member and Signatory countries are participating in the Assembly. The International Solar Alliance works with governments to ease solar deployment and promote solar power as a sustainable transition to a carbon-neutral future.
ISA’s mission is to unlock one trillion dollars of investments in solar by 2030 while reducing technology and its financing costs. It promotes the use of solar energy in the agriculture, health, transport, and power generation sectors.