In an effort to boost Liberia’s energy sector, President George M. Weah has pleaded with members of the Legislature to speedily ratified the International Solar Alliance (ISA) Framework Agreement (ISA) which intended to accelerate the delivery of affordable solar energy across the country.
The agreement, according to the Liberian leader when rectified, would reduce the cost of energy and promote investments in the use of solar energy in Liberia, and disclosed that Liberia would benefit from a special fund of US$2 billion, which has been earmarked for solar energy projects in Africa.
“The Agreement, when passed into law, will make Liberia benefit from the Government of India’s special fund of US$2 billion for solar projects in Africa from a concession Line of Credit for Africa,” President Weah asserted to the Legislature.
“Consequently, this initiative will reduce the cost of energy and, amongst other things, promote investments [in the sector] heavily on the use of electricity,” the President wrote.
The goal of the ISA Framework Agreement is to promote the widespread adoption and deployment of solar energy worldwide as well as aims to encourage countries to increase the use of solar energy in their energy mix and reduce reliance on fossil fuels, while facilitating access to finance, including concessional and low-cost funding, to support the development of solar energy infrastructure.
15 countries have already signed the ISA Framework Agreement and, while Liberia has signed the framework agreement, it has not been ratified. Ratification of the ISA framework would see Liberia benefiting from technical assistance in formulating and implementing effective policies and regulatory frameworks that support the growth of solar energy.
It would help the country improve energy access in underserved regions and communities by promoting affordable and sustainable solar energy solutions as well as lead to job creation, and serve as an additional revenue stream.
“The Government stands to benefit in that jobs will be created, revenue will be generated, development will take place, security will be enhanced, high cost of living will reduce and favorable living conditions will be availed,” Weah said.
Meanwhile, the President is asking the House to have the (ISA) Framework Agreement passed before its recess (break), which commences on the third Friday in July.