27 April 2016
GIIC supports the International Solar Alliance to Deploy $1 trillion into Solar
Investor Groups Release Solar Investment Statement
Backing for International Solar Alliance Finance Goal
NEW YORK/LONDON 21/04/16 Global investor associations and the Green Infrastructure Investment Coalition (GIIC), representing over USD60tn of assets under management, have stated their support for to the International Solar Alliance (ISA) objective of USD 1tn investment in photovoltaic power generation assets in member countries by 2030.
In a Solar Investor Statement released at the Terrawatt Initiative/International Solar Alliance, “Trillion Dollar Opportunity” Roundtable in New York on April 22nd the groups have undertaken to support the swift mobilization of billions in capital for solar investments.
The joint goal is to create investment structures that meet the risk and yield requirements of institutional investors, and the promotion of suitable financial instruments that will accelerate investment in solar to the capital levels the International Solar Alliance is seeking to achieve.
Fiona Reynolds, PRI CEO
“PRI is committed to supporting signatories who are looking to address climate change in their portfolios. In transitioning to a low carbon environment, a move towards green infrastructure investments is a sensible response for investors. The PRI believes that the Green Infrastructure Investment Coalition can bring solar investment opportunities and investors together and become a key component of a low carbon investment strategy.”
Mindy Lubber, President, Ceres and Director of INCR
“Scaling up global investment in solar power is critical to achieving the Clean Trillion goal of expanding clean energy investment by an additional $1 trillion per year -- the level needed to achieve the Paris Agreement’s goal of limiting warming to well below two degrees Celsius. Through this important new initiative solar power deals can be structured to provide attractive investment opportunities that meet the needs of institutional investors.”
Shaun Tarbuck, CEO ICMIF
“Accelerating solar finance opportunities requires institutional investors, including insurance companies and pension funds to work with stakeholder groups in establishing common goals. Having alignment between the Terrawatt Initiative and the GIIC around ISA solar objectives is a signal to global investors around long term solar commitments.
Dr A Didar Singh, Secretary General, FICCI and GIIC Member
“FICCI believes the Global Infrastructure Investment Coalition has the potential to galvanize long term funds which would be a significant game changer for solar energy applications. TWI and GIIC can together mobilize quantum investments that can match the needs and expectations of the International Solar Alliance.”
Notes for Journalists:
The Solar Investment Statement can be found here.
Solar Investor Statement Signatories:
FICCI on behalf of the Global Infrastructure Investment Coalition (GIIC)
The Terrawatt Initiative (TWI)
The International Cooperative Mutual Insurers Federation (ICMIF)
The Principles for Responsible Investment (PRI)
The Ceres Investor Network on Climate Risk (North America)
About the Green Infrastructure Investment Coalition: The GIIC is a global group promoting large scale development and financing of green infrastructure and transition to a low-carbon and climate resilient economy.
About the Terrawatt Initiative: TWI is a global non-profit organization funded by the private sector. TWI has the goal of encouraging massive deployment of competitive solar power generation as a decisive means to meet energy needs, sustainable development goals and to combat climate change. More here.
About ICMIF: The International Cooperative and Mutual Insurance Federation (ICMIF) represents insurers in 70 countries, with, collectively, US$9 trillion under management. More here.
About PRI: The PRI is the leading international responsible investment organisation. It is an investor led initiative comprising 1400 signatories with US$60 trillion of assets under management. More information www.unpri.org
About CERES: CERES is a non-profit based organisation advocating for sustainability leadership. Ceres mobilizes a powerful network of investors, companies and public interest groups to accelerate and expand the adoption of sustainable business practices and solutions to build a healthy global economy. More here>
About the Federation of Indian Chambers of Commerce and Industry: FICCI is the largest and oldest national business association in India with members in every business sector. FICCI is also a foundation member of the Green Infrastructure Investment Coalition (GIIC).
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