The initiative has been launched by Indian Prime Minister Narendera Modi and French President Francois Hollande during the first day of the international climate summit.
International Solar Alliance initiative will serve as a common platform for cooperation among countries having rich solar resource potential, lying fully or practically between the Tropics of Cancer and Capricorn for the implementation of solar projects and infrastructure.
The alliance, which will be supported by $1 trillion in investment untill 2030, intends to boost solar power in countries with rich solar resources but energy poor in order to bring clean, affordable and renewable energy to all.
Modi expects the clean power initiative would require $100bn investment per year by 2020.
Modi said: "The sun is the source of all energy. The world must turn to solar, the power of our future.
"We want to bring solar energy into lives and homes by making it cheaper, more reliable and easier to connect to the grid."
The new body will function from the National Institute of Solar Energy in Gurgaon, India which will provide land and $30m to form a secretariat for the alliance.
Commenting on the alliance, World Resource Institute, non-governmental global research organization, managing director Manish Bapna said: "The international alliance brings together developing and developed countries to expand energy access, accelerate solar power deployment, and stimulate economic development."
Through international cooperation, the alliance is expected to help advance technology exchange and innovation as well as create new business opportunities, Bapna added.
India intends to increase its installed solar capacity from current 4GW to 12GW by the end of next year and reach 100GW by 2022.
Image: Indian Prime Minister Narendera Modi at the UN climate change summit in Paris, France. Photo: courtesy of World Resources Institute.
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