Common Risk Mitigation Mechanism: feasibility study
The International Solar Alliance (ISA) presents its first offering, a Common Risk Mitigation Mechanism (CRMM) feasibility study, at COP23 in Bonn, Germany, to deepen solar markets, which aims to mobilize up to $1trn of capital investment by 2030. A $1 billion guarantee could attract up to $15 billion of investments for 20 gigawatts (GW) of solar PV capacity in more than 20 countries, claims a study released on November 13, 2017, at the India Pavilion at the COP23 climate negotiations in Bonn. The Common Risk Mitigation Mechanism (CRMM) is a multilateral market platform, which received initial support from 17 countries with high solar potential, including India, France, Australia, Mali, Namibia, and Nigeria, among others. The CRMM Feasibility Study outlines the 20 GW plan as a pilot phase with its eventual aim to leverage billions of dollars of impact capital to catalyze $1 trillion of domestic and international private institutional capital, and transform global renewable energy markets. If successful, CRMM could help build over 1,000 GW of solar power generation capacity in low and middle-income countries by 2030.