Singapore, September 5: Prime Minister Narendra Modi on Thursday highlighted the imbalance in concentration of green energy investments as he reaffirmed India's commitment to work with the world for a green 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," said PM Modi while virtually addressing the first International Solar Festival, organised by the International Solar Alliance (ISA).

India is one of the founding members of the ISA, an inter-governmental organisation of 119 member and signatory countries, dedicated to advancing solar power adoption for a carbon-neutral future. In his address, Prime Minister Modi mentioned that the growth of the organisation remains significant for the vision of 'One World, One Sun, One Grid'. PM Modi’s Singapore Visit: Prime Minister Narendra Modi Hold Meet With Top Business Leaders and CEOs, Discusses India’s Investment Reforms.

"The Vedas were texts composed thousands of years ago. One of the most popular mantras of the Vedas teach about the sun. Even today millions of Indians chant it daily. Many cultures across the world have respected the sun in their own ways. Most regions also have festivals related to the sun. This International Solar Festival brings the whole world together to celebrate the Sun’s impact. This is a festival that will help us build a better planet," he said.

The PM also spotlighted the "massive strides" India - the first G20 Nation to achieve the Paris commitments in renewable energy - has taken in green energy "The remarkable growth of solar energy is a key reason in making this possible. Our solar energy capacity has increased 32-fold in the last 10 years. This speed and scale will also help us achieve five hundred (500) gigawatt non-fossil capacity by 2030," he stated. Giving the example of 'PM Surya Ghar Muft Bijlee Yojana' - a Central Scheme that aims to provide free electricity to one crore households in India who opt to install roof top solar electricity unit - PM Modi remarked that the ISA is an ideal platform for exchanging ideas and best practices for solar adoption. PM Narendra Modi Announces Invest India Office in Singapore; Both Countries Decide Increasing Flight Connections, Says MEA.

"A few months ago, we launched the PM Surya Ghar Muft Bijli Yojana. We are investing Rupees 750 billion in this scheme. Our target is to help 10 million households to install their own rooftop solar panels. We are transferring financial assistance directly to the people's bank accounts. Low interest, collateral free loans are also being enabled in case additional finance is needed. Now, these households are generating clean electricity for their needs. Moreover, they will also be able to sell excess power to the grid and earn money. Due to the incentives and potential earnings, this scheme is becoming popular," he said.

In his address, Bhutan's Prime Minister Tshering Tobgay admitted that the International Solar Festival 2024 marks a pivotal milestone in the united journey towards a sustainable and low-carbon future. "The festival is a call to action, providing a crucial platform for young people, businesses, policymakers, and communities to unite in our shared vision of promoting solar energy as a key solution to global energy needs. Bhutan stands firmly with the ISA and the Government of India in advancing solar energy solutions. With ISA's support, we have progressed in establishing regulatory frameworks, enhancing capacity, bringing solar electricity to remote villages and rural communities, and constructing large-scale solar projects," said Tobgay.

Mauritius PM Pravind Jugnauth congratulated India's commitment to drive the solar-led energy transition towards a prosperous and equitable world. "The International Solar Festival is testament to the power of collaboration and shared purpose. The ISA's programmes are playing a key role in Mauritius, a Small Island Developing State at the frontlines of the climate change emergency, by helping solarize our primary healthcare centers, and meet 30 per cent of our energy needs by 2030," Jugnauth told the gathering in his virtual address.

The festival's four core themes – the role of youth, communities, women, and the private sector – will witness united stakeholders from around the globe sharing knowledge, fostering innovation, and building international cooperation towards a solar-powered future.

Pralhad Joshi, Minister of New and Renewable Energy and President of the ISA Assembly, asserted that the International Solar Festival reflects India's innovative spirit and commitment to a sustainable future, inspiring collective action toward an energy transition led by the government, youth, communities, and the private sector. "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," said Joshi.

(The above story first appeared on LatestLY on Sep 05, 2024 06:07 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).