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United News of India
10 hours ago
- Business
- United News of India
ISA's Sixth Regional Committee Meeting in Brussels Calls for Collective Action
Belgium, [Western Europe], June 19: The Sixth Meeting of the ISA Regional Committee for Europe and the Others Region was convened today in Brussels under the chairmanship of the Federal Republic of Germany as the Regional Vice President. The Meeting brought together 20 countries from the Region and partners to review progress, align on strategic priorities, and advance collaborative action to further the International Solar Alliance (ISA) mission and strengthen ongoing engagements with countries in the Region. In his opening address, Director General of ISA, Mr Ashish Khanna, thanked everyone for their presence and noted, 'Your presence here today reflects our shared commitment to advancing the global transition to solar energy. Our focus must now turn to ensuring these advancements translate into jobs, equity, and climate resilience.' Highlighting the importance of the Meeting, he added, 'At the same time, we face critical contradictions and concerns regarding solar energy. Data states that nearly $2 trillion was invested in clean energy in the last fiscal year alone, with solar photovoltaics leading the way and holding the largest share of these investments. Despite this growth, the distribution remains unequal. Only 15% of these investments are reaching low- and middle-income countries, and less than 2% is going to Africa, a region with some of the world's best solar radiation potential.' Focussing on the issue of energy access, he said, 'With 600 million people in Africa still living without access to electricity—and across the Global South, where 70% of the world's population resides—there is an urgent need for nearly $200 billion in investments. ISA is mobilising $200 million to leverage more than 30 times the private investment in Distributed Renewable Energy in Africa while connecting 16 Centres of Excellence with digitalisation support from Global Capability Centres (GCC's); providing technology and policy roadmaps while engaging in-depth across select countries.' Mr Tobias Rinke, Deputy Head of Division, Federal Ministry for Economic Affairs and Energy, Germany, in his opening statement as the Chair of the Meeting reaffirmed the collective commitment to advancing solar energy and ensuring its benefits are equitably distributed across the world. He highlighted the International Solar Alliance's evolution into a truly global platform, now comprising 123 Member and Signatory countries, and noted the doubling of active engagements since 2022. He emphasised that the meeting presents a timely opportunity to shape the next phase of ISA's global agenda. He further emphasised the global consensus reached at COP28 in Dubai, where countries agreed to triple renewable energy capacity, enhance energy efficiency by 2030, and transition away from fossil fuels. He underscored the critical role of solar energy in achieving these goals—not only as a key solution in the fight against climate change, but also as a means to enhance energy security, reduce dependence on fossil fuel imports, drive economic growth, and create quality jobs. Highlighting the leadership potential of the Europe and Others region, he pointed out that the region comprises some of the world's most advanced economies, innovation leaders, and green technology pioneers. He stressed that with its strong technological capabilities, financial resources, and institutional strength, the region is well-positioned to drive and inspire the global energy transition. He also noted Germany's readiness, during its vice presidency, to work ollaboratively with regional partners to shape a shared vision for the International Solar Alliance. Ms Laura Cozzi, Director of Sustainability, Technology, and Outlooks at the International Energy Agency (IEA), in a conversation with Mr Ashish Khanna, Director General, ISA, addressed the rise of artificial intelligence in rapidly reshaping global energy systems. The conversation underscored critical insights on AI's dual impact and transformative potential in enhancing grid efficiency and accelerating solar deployment. She noted that artificial intelligence is fundamentally transforming the energy sector, simultaneously driving up electricity demand—particularly through data centres—and offering innovative solutions for grid management and the integration of renewable energy. She highlighted projections indicating that AI-related infrastructure could add electricity demand equivalent to that of a 'new Japan' by 2030. Despite this surge, AI holds immense potential to optimise grid operations, accelerate solar deployment, and improve energy access, particularly in the Global South. To monitor these trends and promote practical applications, she also informed about the launch of a new Energy and AI Observatory by the International Energy Agency. In the second fireside chat, themed, 'Changing Paradigm', the Director General of the International Solar Alliance engaged in a wide-ranging conversation with Ms Kate Hampton, CEO of the Children's Investment Fund Foundation (CIFF), exploring the shifting role of philanthropy in climate finance. Against the backdrop of declining aid flows and rising urgency for sustainable investment, the dialogue delved into catalytic finance, solar deployment, and the systemic reforms needed to unlock meaningful progress across the Global South. Kate Hampton emphasised that accelerating solar deployment is essential for advancing both human development and climate goals, as it significantly contributes to productivity gains and emissions reductions. She pointed out that the key financial barrier is not the availability of debt, but the lack of catalytic or patient equity—an instrument crucial for mobilising private investment. She highlighted the unique role of philanthropy in addressing this gap by supporting country platforms through technical assistance, policy engagement, and junior equity. Additionally, she stressed that a major constraint lies in the availability of skilled professionals capable of navigating the complexities of delivery, policy, and finance—an area where philanthropic support can be instrumental in breaking bottlenecks and advancing projects. In his keynote address, H.E. Dan Jørgensen, Commissioner for Energy and Housing at the European Commission, emphasised the urgency of Europe's response to rising energy costs and the escalating climate crisis. He highlighted solar energy as central to the solution, noting its role in reducing fossil fuel dependency, enhancing competitiveness, and lowering emissions. He pointed out that at the EU level, the cost of solar power has fallen by 82% over the past decade, with an additional 12% global decline in 2023 alone—making solar not only the fastest-growing but also the most affordable clean energy source available today. The Meeting will also feature focused discussions on the following themes: Catalytic Finance in Africa; integrated institutional strengthening through ISA's capacity building initiative STAR-Cs and Global Capability Centre; Digital Transformation and AI in the Energy Sector; and a Roundtable on Energy Storage and Green Hydrogen. About the ISA Regional Committee for Europe and the Others Region Meeting The Regional Committees of the ISA meet annually, chaired by two Vice Presidents from the Region, and aim to assess and discuss progress, challenges, and opportunities related to ISA's programmatic support, flagship initiatives, partnerships, private sector engagements, and work plan for the Region. A significant goal of the Regional Committee Meetings is seamless coordination among the Region's Member Countries. The Europe and the Others Region currently includes 15 Member Countries, 4 Signatory Countries, and 32 Prospective Countries. About the International Solar Alliance The International Solar Alliance is a global initiative launched in 2015 by India and France at COP21 in Paris. It has 123 Member and Signatory Countries. The Alliance works with governments to improve energy access and security worldwide and promotes solar power as a sustainable transition to a clean energy future. ISA's mission is to unlock investments in solar energy while reducing the cost of technology and financing it. It promotes the use of solar energy in agriculture, health, transport, and power generation sectors. ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified, designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With its advocacy for solar-powered solutions, ISA aims to transform lives, bring clean, reliable, and affordable energy to communities worldwide, fuel sustainable growth, and improve quality of life. On 6 December 2017, 15 countries signed and ratified the ISA Framework Agreement, making ISA the first international intergovernmental organisation headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).
Time of India
a day ago
- Politics
- Time of India
‘You Are The Best': Italian PM Giorgia Meloni To PM Modi at G7, Video Goes Viral as #Melodi Trends
Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni created a viral moment at the G7 Summit in Canada. In a widely shared video, Meloni warmly greets PM Modi and says, "You are the best... I'm trying to be as you." Their casual, friendly exchange once again sparked a wave of #Melodi memes and fan edits across social media. The two leaders have developed a unique camaraderie, with previous moments at COP28, G20 India, and G7 Italy already trending. Meloni also shared a smiling selfie on Instagram with the caption 'Italy and India, bound by a great friendship.' PM Modi responded on X saying, 'India's friendship with Italy will continue to get stronger.' Their rapport has not only captured global attention but also underscored the deepening ties between India and Italy, both economically and diplomatically.#pmmodi #giorgiameloni #melodi #modimeloni #g7summit #pmmodi #giorgiameloni #indiaitaly #modimagic #viralvideo #g7canada #meloni #toi #toibharat #bharat #breakingnews #indianews Read More
Mint
2 days ago
- Business
- Mint
Future low-carbon materials projects need $1.6 trillion in funding, report says
LONDON, June 19 (Reuters) - Some $250 billion of financing has been allocated to produce low-carbon materials in heavy emitting sectors such as chemicals, fuels and metals, but future low-carbon materials projects will need more than five times the level of current funding, a report said on Thursday. Newly industrialised countries such as Indonesia and Morocco have already secured a fifth of the $250 billion investment in clean industrial plants so far, the report by the Mission Possible Partnership said. Some 69 projects are in operation using clean energy to produce materials, while 65 others have secured financing, the report said. The report also tracked $1.6 trillion of projects announced but not yet financed, with newly industrial "sunbelt" countries accounting for 59% of the investment pipeline, versus 18% for the United States, 10% for the European Union, and 6% for China. "The new generation of energy-intensive industrial plants will go to where they can access abundant, reliable, cheap, clean electricity to produce materials, chemicals and fuels," said Faustine Delasalle, CEO of the organisation. The MPP is a U.S.-based non-profit group seeking to boost the growth of low-emission industry and supported by the Bezos Earth Fund and the World Economic Forum. "The new industrial sunbelt of the world is poised to overtake Western nations in sectors like ammonia, causing major ripples throughout the global economy," said Delasalle. The MPP is supported by the Industrial Transition Accelerator, set up at the COP28 summit in Dubai to stimulate needed investment in green projects. Delasalle is also executive director of the ITA. The fastest-growing clean industry sectors are green ammonia, which is used for fertiliser, and sustainable aviation fuels, the report said. In the metals sector, steel has 33 near-zero emission primary steel plant projects, but needs 90 projects to be financed by 2030 to meet net-zero goals, while aluminium has 44 projects but needs 165 projects, the report said. (Reporting by Eric Onstad. Editing by Jane Merriman)
Indian Express
2 days ago
- Politics
- Indian Express
‘Linked by a Great Friendship': PM Modi, Meloni reaffirm ties at G7
Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni met on the sidelines of the G7 Summit in Kananaskis, Canada, reaffirming their commitment to deepening bilateral ties. The leaders greeted each other with a warm handshake, and PM Modi said, 'India's friendship with Italy will continue to get stronger.' PM Meloni also posted a picture on X with the caption, 'Italy and India, linked by a great friendship.' PM Modi reshared the post, writing, 'Fully agree with you, PM Giorgia Meloni. India's friendship with Italy will continue to get stronger, greatly benefitting our people!' Fully agree with you, PM Giorgia Meloni. India's friendship with Italy will continue to get stronger, greatly benefitting our people!@GiorgiaMeloni — Narendra Modi (@narendramodi) June 17, 2025 In a viral video of the two leaders, PM Meloni can be heard telling PM Modi, 'You are the best. I am trying to be as you.' 🇮🇹🤝🇮🇳 | G7 Summit — Italian PM Giorgia Meloni to PM Modi: 'You are the BEST, I am trying to be like you.' Another moment showing how Modi's global stature keeps inspiring leaders worldwide. 🌍✨ #G7 #Modi #Meloni — 𝐃𝐎 𝐍𝐞𝐰𝐬 (@donewstoday) June 18, 2025 The two leaders had a brief exchange during the summit. PM Modi and Meloni previously met during the COP28 summit in Dubai, where they clicked a selfie. PM Meloni captioned the photo 'Good friends at COP28, #Melodi', which went viral. Earlier in the day, PM Modi arrived at the Pomeroy Kananaskis Mountain Lodge to attend the high-level gathering. Canadian Prime Minister Mark Carney welcomed him at the summit venue in Alberta. This visit marks PM Modi's sixth consecutive G7 appearance and his first trip to Canada in a decade. He received a ceremonial welcome at Calgary airport, where India's acting high commissioner Chinmoy Naik was present to receive him. PM Modi landed in Canada after concluding his official visit to Cyprus. His participation in this year's G7 comes at a time of diplomatic recalibration between India and several key Western powers. The G7 Summit is an annual gathering of leaders from the United States, the United Kingdom, France, Germany, Japan, Italy, Canada, and the European Union (EU).
NDTV
2 days ago
- Politics
- NDTV
"You Are The Best, Trying To Be As You": Italy PM Meloni Tells PM Modi
Prime Minister Narendra Modi and his Italian counterpart, Giorgia Meloni, met on the sidelines of the G7 summit in Canada. The two leaders greeted each other with a handshake, with Prime Minister Modi saying, "India's friendship with Italy will continue to get stronger." Meanwhile, in a warm exchange, Prime Minister Meloni told Prime Minister Modi, "You are the best. I am trying to be as you." Italy's PM posted a picture on X and said, "Italy and India, linked by a great friendship". Prime Minister Modi reshared the post and said, "Fully agree with you, PM Giorgia Meloni. India's friendship with Italy will continue to get stronger, greatly benefitting our people!" Fully agree with you, PM Giorgia Meloni. India's friendship with Italy will continue to get stronger, greatly benefitting our people! @GiorgiaMeloni — Narendra Modi (@narendramodi) June 17, 2025 The two leaders had a brief exchange during the summit. PM Modi and Meloni earlier met during the COP28 summit in Dubai. The two leaders clicked a selfie, and Meloni captioned the photo "Good friends at COP28, #Melodi". Earlier in the day, PM Modi arrived at the Pomeroy Kananaskis Mountain Lodge in Canada to attend the high-level gathering. Canadian PM Mark Carney received PM Modi as he arrived at the venue of the G7 Summit in Kananaskis, Alberta. This marks his sixth consecutive participation in the G7 Summit and his first visit to Canada in a decade. PM Modi received a ceremonial welcome at the Calgary airport, where India's acting high commissioner, Chinmoy Naik, was among those who received him. The Prime Minister arrived in Canada after concluding his visit to Cyprus. PM Modi's visit to Canada marks a significant moment in bilateral ties following a phase of strained diplomatic relations. The G7 Summit is an annual gathering of leaders from the United States, the United Kingdom, France, Germany, Japan, Italy, Canada, and the European Union (EU). This marks PM Modi's sixth consecutive participation in the G7 Summit.
