India, ISA Commit To Invest USD 2 Mn For Solar Projects In Four Island Nations

India, ISA Commits To Invest USD 2Mn For Solar Projects Across Four Island States

Continuing with its backing for renewable energy for island nations, India recently committed to invest $2 million in new solar projects across four island states namely, Fiji, Comoros, Madagascar, and Seychelles. India announced this at the 5th Strategic Partnership Renewal Meeting in Brussels, during the 10th India-EU Foreign Policy and Security Consultations. At the meeting, the Ministry of External Affairs (MEA) and the International Solar Alliance (ISA) signed a Project Implementation Agreement to execute these projects in the Indo-Pacific countries.

The summit also addressed broader issues, including the green transition. It also supported the Wilmington Declaration, which aims to encourage high-standard private-sector investment in clean energy supply chains among allies and partners.

According to a study by the International Solar Alliance (ISA), the countries selected for these solar projects face energy challenges such as the perishability of agricultural products, unreliable electricity in health centers, and limited irrigation access in remote areas without grid power or solar mini-grids. Discussions with the recipient countries identified potential solar projects in areas like cold storage, the solarization of healthcare facilities, and solar water pumping systems. The successful implementation of these projects is expected to improve energy access, create jobs, and ensure reliable, high-quality power in these Indo-Pacific nations.

Unequal access to reliable and secure energy sources has hindered economic development and social equity globally. Solar energy offers a viable solution for these countries to address climate change-related challenges. India’s clean energy investments will reinforce the Quad’s commitment to tackling climate change, advancing clean energy transitions, and fostering shared prosperity for people and the planet.

Top Regions For Investment 

The latest World Investment Report highlights a global shift toward sustainable energy, with energy investments rising from $2.4 trillion in 2018 to $3.1 trillion by 2024. Solar leads renewable energy investments, accounting for 59% of the total, driven by lower costs, with APAC emerging as the top investing region. Currently, the APAC region leads global solar investments, pouring USD 223 billion into solar in 2023. EMEA has experienced modest solar investment growth, with USD 91 billion in 2023, followed by AMER region with solar investments of USD 78 billion