France to commit 700 million euros to International Solar Alliance

14 March, 2018, 06:19 | Author: Kim Reid
  • Emmanuel Macron interacts with students in Delhi. Courtesy PTI

So far 61 countries have signed the treaty and 32 have ratified it.

PRIME Minister Narendra Modi on Sunday called for concessional financing and less-risky funds for solar projects to raise the share of solar power in the energy basket, provide cheaper electricity and cut carbon emissions.

For the ISA, he presented an action plan that includes affordable solar technology for all, low-risk finance and an increased ratio of solar power in the energy mix.

The country has secured a prominent place in the worldwide solar energy industry through developing world-class solar energy projects, including the Sheikh Mohammed bin Rashid Al Maktoum Solar Complex in Dubai, which is the world's largest Concentrated Solar Power project in the world, using the Independent Power Producer model and generating 5000 megawatts when completed in 2030.

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The leaders of France and India hosted the founding conference of the International Solar Alliance in New Delhi on Sunday.

Modi said there should be a full ecosystem for availability and development of technology, economic resources, development of storage technology, mass manufacturing and innovation.

The ISA aims to create 1,000 gigawatts (GW, or 1,000 MW) of solar power capacity by 2030, and mobilise $1 trillion for this.

Out of the 27 projects for which Modi offered financial assistance, 23 of them are African countries.

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The member states agreed to facilitate joint research and Development, to consider off-grid solar applications to cater to the energy requirements of poorer and remote communities and to facilitate awareness and skills enhancement of local communities in the monitoring and maintenance of solar technologies.

The UAE, thanks to its wise leadership, remains steadfast in its efforts to support and deploy renewable energy solutions, particularly solar energy, both locally and internationally.

Macron, who arrived in India Saturday on a three-day official visit, has pledged an extra €700 million ($861.5 million) for solar energy projects in developing nations.

Referring to "solar mamas", a group of African women trained as solar engineers under an Indian government program, Macron said these women "didn't wait and didn't stop because some countries made a decision to just leave the floor and leave the Paris agreement". It says it's also committed to implementing the Paris Agreement to tackle climate change.

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"We have to encourage innovation so that solar solutions can be provided for various needs". This comes even as India chases the world's largest renewable programme, targeting 175 gigawatts (GW, or 1,000 megawatts) of renewable power by 2022 against its current capacity of around 60 GW.

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