Imbalance In Concentration of Green Energy Investment Needs to Be Addressed For Green Transition: PM

India’s solar landscape is changing, the price of solar is coming down and share of renewables is rising. Recognising the important role of solar in India’s path to net zero, International Solar Alliance is holding International Solar Festival on 5th and 6th of September to raise awareness on solar energy. 

Prime Minister Narendra Modi virtually addressed the first International Solar Festival 2024, an inter-governmental organisation of 119 member & signatory countries working to improve energy access and security worldwide and promote solar power as a sustainable pathway to transition to a carbon-neutral future. 

"The world must collectively address the imbalance in concentration of green energy investments in order to ensure an energy transition. Solar manufacturing and technology must be democratised to help developing countries. Empowering the least developed countries and small island developing states should be a top priority, and inclusion of marginalised communities, women and youth is crucial.," the Prime Minister said in a virtual address.

Pralhad Joshi, Minister of New and Renewable Energy and President of the ISA Assembly, said, “India, as a founding member of the ISA, is committed to supporting the global community, particularly the Global South, in advancing an inclusive and sustainable future, drawing on its proven success in clean energy initiatives. This festival accelerates the global transition to equitable, accessible clean energy through shared knowledge and collective action.”

Speaking at the event, Ajay Mathur, Director General, International Solar Alliance, said, “Solar investment is still concentrated in a few countries, but we are deeply committed to building momentum for universal clean energy access, making solar the cornerstone of global prosperity.”

The two-day International Solar Festival has four core themes – the role of youth, communities, women, and the private sector – have united stakeholders from around the globe, in a convening dedicated to sharing knowledge, fostering innovation, and building international cooperation towards a solar-powered future.

By bringing together diverse stakeholders, the festival will strengthen support for innovative financing, technology deployment, capacity building, and technical assistance. It will create conducive conditions for impactful global partnerships and accelerate the energy transition.