France is committing 700 million Euros to the India-based International Solar Alliance as part of a bi-partisan clean energy strategy.
Indian and French leaders convened during a two-day meeting to reaffirm their nations’ pledges to fight against climate change, their commitment to various accords to lower greenhouse gases and deepen ties on solar energy projects.
French president Emmanuel Macron paid a State Visit to India, at the invitation of Prime Minister Shri Narendra Modi, between March 10-12. They also co-hosted the Founding Summit of the International Solar Alliance (ISA) in New Delhi.
The organization, whose HQ is located near New Delhi, seeks to accelerate the deployment of solar energy in 121 sun-rich countries between the Tropics of Cancer and Capricorn.
A total of 58 countries have signed up to ISA and 23 nations have taken part in a consultation on their priorities in the fields of solar energy for agriculture and rural areas, solar mini-grids, rooftop installations and e-mobility.
The first phase for funding 100 projects is underway, while ISA is seeking to mobilise $1 trillion in solar energy investment over the next 12 years.
ISA members have pledged to create a common market for innovation and strengthen quality control, as well as making solar energy affordable for the poorest.
ISA is seeking to mobilise $1 trillion in solar energy investment over the next 12 years.
Mr Macron said France was committing 700 million euros to ISA, reiterating the European country’s commitment to the alliance and clean energy.
The two leaders welcomed the entry into force of ISA’s Framework Agreement and underlined their commitment to deepening projects to mobilise affordable financing for massive solar energy deployment.
Mr Modi commented:
“India, which is being viewed as a key player in tapping solar energy, has pledged to generate 175 gigawatts (GW) of electricity in India from renewable energy sources by 2022.”
The Indian government has a 10-point action plan that includes making affordable solar technology available to all nations, raising the share of electricity generated from photovoltaic cells and framing regulations to support the initiative.
The two leaders said the strengthening of the India-French technological cooperation on renewable energy was a common priority for encouraging the emergence and dissemination of innovation in all sectors.
In support of the deployment of solar power, Prime Minister Modi and President Macron jointly inaugurated a 75-megawatt (MW) solar plant built by a French company in Uttar Pradesh.