Ashish Khanna Appointed as Director General Designate of the International Solar Alliance, Eyes $3-4 Trillion Private Pension Funds for Solar Expansion

Ashish Khanna becomes Director General Designate of the ISA, focusing on leveraging $3-4 trillion in private pension funds for expanding solar power in developing countries.

In a significant move for global renewable energy, Ashish Khanna has been selected as the third Director General of the International Solar Alliance (ISA). With the seventh session of the ISA Assembly concluding, Khanna is set to take over from Ajay Mathur, whose term ends in March 2025. As Director General Designate, Khanna brings a wealth of experience and ambitious plans for solar energy growth, particularly in underdeveloped regions.

Harnessing Trillions in Private Pension Funds for Solar Energy

Highlighting one of the largest opportunities for ISA, Khanna pointed to the estimated $3-4 trillion in private sector pension funds that could be directed towards expanding solar power capacity in the least developed countries. “Some form of a platform that can bring together stakeholders in galvanizing that private sector money, leveraging initiatives like the Global Solar Facility (GCF), can play a game-changing role,” Khanna stated.

Deepening Capacity and Scaling Investments

Khanna emphasized the importance of building on ISA’s existing strengths. With ISA’s current membership at 102 countries, Khanna plans to deepen capacity by tapping into the human capital and robust public and private sector resources of countries like India. He envisions sharing this expertise to empower nations in Africa and the Pacific Islands, boosting their solar energy capabilities.

Extensive Experience in Energy Sector Development

Khanna's 26-year career spans leadership roles in the energy sector across over 15 developing countries in South Asia, the Middle East, North Africa, and Sub-Saharan Africa. Currently serving as Head of the World Bank’s West and Central Africa Programme, he is spearheading “Mission 300,” aiming to provide energy access to 300 million people in Africa by 2030. In India, his role as Lead Energy Specialist at the World Bank saw him collaborate with the Ministry of New & Renewable Energy on key policy and regulatory reforms to bolster private sector participation in solar energy.

Mathur’s Legacy and ISA’s Achievements

Ajay Mathur, who led ISA since 2021, leaves behind a legacy of accomplishments. During his tenure, ISA expanded its membership to 103 countries, fostered innovation by identifying 50 promising solar start-ups in Africa and the Asia-Pacific, and initiated the development of the Global Solar Facility (GCF). Mathur reflected on these achievements, noting the unexpected success of the Solar X programme, which supports start-ups to accelerate their solar energy contributions.

Mathur shared words of encouragement for his successor, emphasizing the blend of challenges and opportunities ahead. “Trust your intuition, lean on the support around you, and know that you have the skills to make a lasting impact,” Mathur advised.

Looking Forward: Expanding the Global Solar Facility

The Global Solar Facility, spearheaded under Mathur's leadership, aims to reach a $50 million fund before engaging with investment manager Africa50. The goal is to scale up to $100 million and extend its reach to the Asia-Pacific and other regions.

Khanna's leadership is set to steer the ISA through its next chapter of expanding solar capacity worldwide, fostering partnerships, and unlocking the untapped potential of private sector investments to support global decarbonization and energy access goals.