India commits $1.4 billion for solar energy worldwide

SUNSHINE HQ PM Modi and then French president Francois Hollande at the foundation of the ISA HQ in Gurugram

Governor-General of Australia Sir Peter Cosgrove will arive arrive here on Saturday on a five-day visit to India, during which he will attend the founding conference of the International Solar Alliance (ISA) on Sunday, the Australian High Commission here said in statement on Friday.

Launched at Paris round of the United Nations climate conference in 2015 by Prime Minister Narendra Modi and the then President of France Francois Hollande, the International Social Alliance is a concrete expression by India of its commitment to move away from traditional fossil fuel-energy systems.

The oblique reference was to US President Donald Trump's decision to pull out of the Paris climate agreement, which was signed by almost 200 countries in December 2015 in an effort to curb global greenhouse gas emission and limit global warming to within 2 degrees Celsius.

In November previous year, Syria signed the deal, leaving the U.S. as the only country in the world not to support the framework deal to combat greenhouse gas emissions.

The ISA will support various PV initiatives in countries between the tropics by backing the likes of ADB's New Deal on Energy for Africa, which aims to achieve universal access to energy in Africa by 2025. "They made a decision to act and keep acting, and that's why we are here, in order to act very concretely", Macron said.

International Solar Alliance Summit kicked off today at Rashtrapati Bhavan.

"We know the hurdles. We shall therefore lift every single one of them", he added. "To that effect, it is not enough to look at what governments are doing".

"But in order to reach the $1,000 billion by 2030, to reach the 1TW of solar energy, we need private investors".

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"It is common good and it is for the development of all countries", he said. "There's nothing in it for the president next year", Banks said.

Provide concessional financing and less-risky finance for solar projects. Secondly, mobilise available finance and thirdly to provide a favourable framework.

"Financing together, sharing expertise, innovative technology - along with total transparency at the top", was what the ISA was all about, Macron said.

"By 2022, we will generate 175 GW of renewable energy of which 100 GW will be solar power", he said. "We are now creating a momentum and will yield concrete results", said Macron. "The existing ones are too expensive and do not cover all of the risks".

Both leaders hope the alliance will spur $1 trillion in new solar spending by 2030 in 121 countries lacking investment in the sector. "You are attracting investment, you are supporting them, you are training young people and so this is what we shall be doing. We should make the ISA Secretariat strong and professional", he asserted. "We are focusing more on propagating clean energy to help make a difference in environment protection".

Conceptualised by India, the solar alliance now has 121 member countries. The PPF fills the capacity gap in identifying a need, conceiving a project and preparing a proper proposal.

"I am happy to announce that to fill the gap of solar technology, India will start a solar technology mission with worldwide focus, which will cover all government technical and educational institutions", Prime Minister Narendra Modi said, announcing the unprecedented investment.



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