France promises 700 million euros to Solar Alliance

France promises 700 million euros to Solar Alliance

The founding conference of International Solar Alliance (ISA) was co- hosted Sunday by Indian Prime Minister Narendra Modi and visiting French President Emmanuel Macron in New Delhi, officials said.

Progress in this regard is already underway as the ISA has already signed deals for nine projects, which will be deployed in the UAE, Saudi Arabia, Nigeria, India and Spain, with the help of eight companies - Vyonarc Development Ltd., Waree Engineers, Gensol Group, SOLARIG, Shakti Pump, Refex Energy, Amplus Solar, and Zodiac Energy. The conference was co-chaired by Prime Minister Narendra Modi and French President Emmanuel Macron. Last month, Riyadh tapped ACWA Power, a Saudi energy company, announced to build a solar farm that would generate enough electricity to power around 40,000 homes.

The summit is underway at Rashtrapati Bhavan, the official residence of President of India.

Among those present were UN Secretary-General Antonio Guterres, Venezuelan President Nicolas Maduro and Bangladesh President Abdul Hamid. He also suggested that there should be concessional financing and low-risk finance for solar projects.

The International Solar Alliance held its foundation day conference on Sunday in New Delhi.

It is open to all 121 prospective member countries falling between the Tropics of Cancer and Capricorn.

So far 61 countries have signed up and another 32 have ratified the treaty, according to the ISA secretariat headquartered in New Delhi. The cooperation, which goes for advancing sun based vitality and diminishment in the utilization of petroleum derivatives in vitality rich nations, was propelled in November 2015 at the Paris atmosphere summit by PM Modi and previous French President Francois Hollande.

But others like the "solar mamas" - women who trained to be solar technicians - chose to act, Macron said, because "they decided it was good for them, their children and grandchildren". "We want solar revolution globally too". Some of you here have lost your territories, economy and life of citizens. "There is a joint destiny which means we also have some joint duties", he said.

The summit will center around different parts of advancing sun-powered vitality, for example, credit instrument, swarm financing and sharing of innovative achievements, in 121 nations related with ISA.

"Countries with the most solar potential are often the most in need of energy, but only a small share of electricity generation".

"But in order to reach the 1,000 billion dollars by 2030, to reach the 1 TW of solar energy, we need private investors", he said, adding that the alliance will provide a favourable framework.

Without taking US President Donald Trump's name, Macron said that while some left the climate deal, others stayed because they wish good for their children and grandchildren.

But the efforts of governments were not enough to achieve the 2030 goal and private sector industry, worldwide institutions and civil society would have to join in, Macron added.

He lauded India's solar commitments that has 20 GW installed solar capacity - one of the fastest growing in the world. The adoption of the Delhi Solar Agenda underpins the grouping's target of raising $1 trillion investments for creating 1,000 GW, or 1 terra watt, of solar power capacity by 2030.

"We have started world's largest solar power programme in India".

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