March 24, 2018

France commits Euro 700m for global solar

13 March 2018, 10:47 | Kara Nash

India, France embark on solar alliance

India all set to Challenge China in Solar Panel Manufacturing

"The European Investment Bank - the EU bank - welcomes the vision of the International Solar Alliance to ensure those countries most vulnerable to climate change can harness the proven potential of solar power".

The fund will be used to insure solar power projects against risks such as default in payment by electricity procurers, foreign exchange fluctuations and regime change.

ADB will provide US$3 billion per year by 2020 for clean energy, including solar energy projects in its developing member countries. It was followed by the first summit of the Alliance. "There is an vast opportunity at hand to bring its benefits to more and more countries around the world", said Mr. Amin. "India will produce 175 GW electricity from renewable sources by 2022 and 100 GW will be from solar energy", Mr. Modi said, addressing the ISA.

Speaking at the conference, which India co-hosted with France, the Prime Minister also referred to the Vedas.

The gathering is going to deal with policies as well as specifications, credit operations, crowd-funding methods as well as the swap regarding technical advancements in order to encourage solar power within the 121 nations connected with the Partnership.

Earlier this year during the Future World Energy Summit 2018 in Abu Dhabi, the YES Bank committed financing solar projects of up to $5 billion by 2030.

French President Emmanuel Macron has taken a swipe at Donald Trump for withdrawing from the Paris climate agreement. They kept on moving "because they decided it's good for them, their children and grandchildren".

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Expressing his huge happiness and lauding the efforts of Solar Mamas, he said, "Our solar mamas did not wait for us". They started to act and deliver concrete results. They did not wait or stop because some countries chose to simply leave and abandon the Paris agreement.

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 was two years ago, it was just an idea at that time and we decided all together to act very quickly and today a big change".

ISA is a treaty-based worldwide body for promotion of solar energy in alliance with 121 countries, which are fully or partially between the Tropics of Cancer and Capricorn.

But on Saturday, India said that membership of the body will be thrown open to all countries that want to join, with no criteria such as duration of sunlight and geographical location.

So far, 62 countries have signed the ISA framework agreement, out of which 32 have already ratified it. Australia, Bangladesh, Cuba, France, Ghana, India, Papua New Guinea, Sudan, Sri Lanka, Togo, the United Arab Emirates and Venezuela are among those that have ratified the agreement.

Other countries also unveiled plans to have substantial share of renewables like solar and wind power in their energy mix and hailed the ISA, which would help to reduce carbon foot print in the coming days in view of climate change.

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.

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