Solar energy investments in developing countries down 20%, says ISA
- SolarX brings together 35 startups from across Asia and Asia Pacific region to accelerate the development and deployment of innovative solar solutions.
Port Louis: Investments into solar energy in developing countries have fallen 20% on an annual basis so far this year despite the need for energy transition. That warrants enhanced collaboration among all stakeholders, including the private sector, governments and regulators, according to International Solar Alliance (ISA) director-general Ashish Khanna.
Entrepreneurs of Africa and Asia-Pacific can significantly contribute towards providing technological ideas to be deployed for energy transition in other parts of the world, Khanna was quoted as saying in a statement.
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International Solar Alliance, in partnership with Business Mauritius, launched a two-day SolarX Accelerator Programme in Mauritius on Tuesday. The programme, aimed at supporting, empowering, and guiding startups focused on solar energy and renewable technologies, has brought together 35 startups from across Asia and Asia Pacific region to accelerate the development and deployment of innovative solar solutions.
“To facilitate collaboration among the private sector, government, regulators, and stakeholders, SolarX was first launched in Africa, followed by the APAC region. This approach is critical, especially considering that overall investment in clean-tech solar energy has decreased by 20% in developing countries compared to last year," Khanna said. The SolarX Global Accelerator 2025 aims to address this challenge by connecting entrepreneurs with investors, providing tailored mentorship, fundraising training, and access to financing opportunities, he said.
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“We are confident that the entrepreneurs from the Africa and Asia-Pacific (APAC) regions will contribute to a valuable transfer of technological ideas, which can aid the energy transition in various countries," he said. “For example, a solution developed in Nigeria could have practical applications in India, and a solar application in Fiji could work across all the islands in the Pacific."
Khanna, a former World Bank executive, took charge as the ISA DG last month.
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Kevin Ramkaloan, chief executive officer at Business Mauritius, said that the SolarX Accelerator brings to the forefront three key priorities of the business community: energy transition, innovation, and unlocking new markets on the continent.
Business Mauritius is an industry body that represents over 12,00 local businesses.
Launched by the International Solar Alliance (ISA) with Invest India at COP27 in 2022, the SolarX Startup Challenge aims to foster entrepreneurship to develop scalable solar solutions across ISA member countries. It bridges the gap between solar potential and deployment by empowering local innovators, enhancing regional capacity, and advancing clean energy transitions.
By crowdsourcing cost-effective solutions, the challenge aims to accelerate the global shift to renewable energy while fostering local entrepreneurship and building capacity across the solar value chain.
The International Solar Alliance is a global initiative launched in 2015 by India and France at the COP21 in Paris, with 123 members and signatory countries. It aims to work with governments to improve energy access and security worldwide and promote solar power as a sustainable transition to a carbon-neutral future.
(Rituraj Baruah is in Mauritius on the invitation of International Solar Alliance)
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