Funding for solar projects down 20% in emerging economies: ISA

There has been a 20% decline in clean-tech solar energy investments in developing countries, the International Solar Alliance (ISA), of which India is a founding member along side France, said this week.

This decline has raised concerns among global climate and energy advocates, with the ISA saying that the trend is a significant setback to the clean energy transition.

In response, ISA partnered with Business Mauritius and launched a two-day SolarX Accelerator Program in Moka, Mauritius, to support and fast-track solar startups from Asia and the Asia-Pacific (APAC) region. The event brought together 35 startups.

The funding slump is a cause of concern as it threatens progress in the fight against climate change, Mint reported ISA director-general Ashish Khanna as saying. Khanna recently took charge at ISA after a stint with the World Bank.

The SolarX initiative seeks to address the issue by providing startups with mentorship, fundraising guidance, and access to finance. The ISA has also developed a partnership framework with the Mauritian government.

Meanwhile, Khanna also highlighted the value of cross-border innovation. “A solution developed in Nigeria could have practical applications in India, and a solar application in Fiji might work across all Pacific islands,” he said.