The second edition of Global RE-Invest was inaugurated on October 2, 2018, in the presence of Prime Minister Narendra Modi, the Secretary-General of the United Nations Antonio Guterres, External Affairs Minister Sushma Swaraj, and Minister of Power R.K. Singh.

Speaking at the occasion, Guterres hailed the initiative undertaken by India to set up the International Solar Alliance (ISA) aimed at building a sustainable tomorrow for the entire world. Highlighting the dire need for the global community to come together to combat climate change, Guterres asserted the importance of political commitment in driving the green energy revolution in the desired direction.

Guterres stressed the importance of policy and regulatory support in the growth of renewables worldwide,which he said was lacking in many countries. This discord must be addressed proactively by relevant stakeholders, the Secretary-General noted. Guterres also underlined the central role that solar power plays in the green energy revolutions, given its competitiveness against fossil fuels.

Complementing Guterres’ views on the crucial position of solar power in this trajectory, PM Modi also underpinned the importance of solar by his slogan, ‘One World, One Sun, One Grid,’ through which the PM implied the coming together of the entire globe to harness solar power 24*7, thus not limiting the duration of exploitation of solar power to daytime.

Commenting on the establishment of ISA, which is now an international intergovernmental treaty-based organization, Modi expressed hope that soon this cluster of nations will assume the same significance as is currently enjoyed by OPEC. For the uninitiated, the Organization of the Petroleum Exporting Countries (OPEC) is an influential intergovernmental organization of 15 countries. Its objective is to coordinate and unify petroleum policies among member countries to secure fair and stable prices for petroleum producers. Understandably, this coalition enjoys great power globally as the member countries produce the fuel that practically runs the world (currently).

However, it should be noted that oil is a finite source of energy concentrated in a few countries around the world while the sun shines on every country in the world. Commenting further on the role solar will play in the coming years, PM Modi likened solar to oil reserves, saying, “What oil wells are today, solar power will be tomorrow.”

In his address, the PM also expressed hope that in the coming years, ISA will transcend these boundaries of tropics and encompass the entire globe.

The ISA is an Indian initiative that was launched by PM Modi and the President of France on November 30, 2015, in Paris, on the sidelines of COP-21, the UN Climate Conference. The ISA seeks to address the obstacles in deploying solar energy globally through improved harmonization and aggregation of demand from solar-rich countries located entirely or partially between the Tropic of Cancer and the Tropic of Capricorn.