Why in News?

• The PM today inaugurated the first Assembly of the International Solar Alliance and also marked the inauguration of the second IORA Renewable Energy Ministerial Meeting, and the 2nd Global RE-Invest (Renewable Energy Investors’ Meet and Expo).

Highlights of the ISA Assembly:

• The target is to generate 40 percent of India’s total energy requirements in 2030, by non-fossil fuel-based sources.
• PM Modi emphasized that if the dream of “One World, One Sun and One Grid” is followed, uninterrupted power supply can be ensured.
• He announced plans to launch a National Energy Storage Mission that will look at manufacturing, deployment, technology development and policy framework.
• The first Assembly will lay the foundation for global Solar Agenda.
• The Assembly will adjudicate upon various administrative, financial and programme related issues.

IORA Meet:

• The Indian Ocean Rim Association was set up with the objective of strengthening regional cooperation and sustainable development within the Indian Ocean Region with 21 Member States and 7 Dialogue Partners. India is hosting 2nd IORA Renewable Energy Ministerial meet. In this meeting, Ministers from 9-member countries and delegates from all 21-member countries are expected to participate.

India, Australia, Iran, Indonesia Thailand, Malaysia, South Africa, Mozambique, Kenya, Sri Lanka, Tanzania, Bangladesh, Singapore, Mauritius, Madagascar, UAE, Yemen, Seychelles, Somalia, Comoros and Oman are members of IORA.

2ND RE-INVESTMENT:

• RE-Invest is a global platform to explore strategies for development and deployment of renewables.
• It showcases India’s green energy market and the Government’s efforts to scale up capacity to meet the national energy demand in socially, economically and ecologically sustainable ways.

• The 2nd RE-INVEST aims at accelerating the worldwide effort to scale up renewable energy and connect the global investment community with Indian energy stakeholders.
• The 2nd RE-INVEST will provide a great opportunity to various countries, states, business houses & organisations to showcase their business strategies, achievements and expectations.
• It would facilitate collaboration and cooperation with key stakeholders in India, which has today emerged as one of the world’s largest renewable energy markets.

Renewable Energy Status of India:

• Globally, India stands 5th in renewable power, 4th in wind power and 5th in solar power installed capacity.
• Renewable energy development and deployment has received proactive policy support, including 100% foreign investment.
• The Government of India is aiming to exceed the set target of 175 GW renewable energy capacity by 2022.