The cabinet on Monday decided to ratify a framework agreement to become a member of the International Solar Alliance that aims at efficient exploitation of solar energy to reduce dependence on fossil fuels.
The cabinet in a meeting held at the secretariat took the decision of ratifying the multilateral deal for research, low-cost financing and popularisation of one of the clean energy sources.
Prime minister Sheikh Hasina presided over the meeting.
The meeting was informed that the ISA had targeted to channel $300 billion in 10 years to promote renewable energy projects under a global mega fund for clean energy.
Cabinet Division coordination and reforms secretary NM Ziaul Alam said the organisation was launched at the UN Climate Change Conference in Paris in 2015.
Indian prime minister Narendra Modi and the then French president Francois Hollande jointly laid the foundation stone of the ISA headquarters and inaugurated the interim Secretariat of the ISA at the National Institute of Solar Energy at Gwalpahari of Gurgaon in India.
In 2016, Bangladesh signed the agreement on the sidelines of the COP22 Conference in Morocco, said Ziaul Alam.
Another 23 countries including Brazil, Burkina Faso, Cambodia, Democratic Republic of Congo, Dominican Republic, Ethiopia, Fiji, France, Guinea Bissau, India, Liberia, Madagascar, Mali, Nauru, Niger, Republic of Guinea, Senegal, Seychelles, Sudan, Tanzania, Tonga, Tuvalu, and Vanuatu signed the ISA Framework Agreement at the same event within 41 days of finalising the text of the agreement.
Rwanda signed the framework agreement on January 9, 2017.
The number of ISA member countries now stand at 121, said Ziaul Alam.
Highlighting main features of the framework agreement, he said the ISA would take steps to remove obstacles and problems in boosting solar power in the solar-resource-rich member countries.
It also will work to take integrated efforts for financing solar power projects, conducting research, ensuring necessary development and boosting capacity, he said.
Besides, various programmes and proposals of the ISA will be adopted through discussions, he said.
He said there would be an Assembly and one Secretariat under the ISA, while the member states would be the members of the Assembly and decision would be taken in the Assembly through votes.
The ISA Secretariat will execute the Assembly decisions, he said.
India will act as the depositor of the Alliance.
There is no specific membership contribution fee, but ISA would receive grant from the member countries.
Any member state can withdraw its membership after giving a three-month notice.
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