France to commit €700m to solar energy group

Florence Fletcher
March 14, 2018

"In this context, IRENA stands ready to work with ISA and its members to scale-up solar energy deployment as a means to expanding affordable, reliable and sustainable energy access, as well as to addressing climate and energy security concerns".

Susantono said: "ADB's energy policy commits $3bn per year by 2020 for promoting clean energy, including solar energy projects in its developing member countries".

France and India reaffirmed their commitment to lead the fight against climate change, based on the principles of climate justice, fostering climate resilience and low greenhouse gas emissions development. They also stressed the positive contribution of the One Plant Summit in Paris on 12 December 2017 to this objective. Prime Minister Modi will receive the French President, who will arrive in Varanasi today morning.

The International Solar Alliance (ISA) has signed a joint financial partnership with various financiers aimed at mobilising funds for the deployment of over 1,000GW of solar energy.

Unsurprisingly, numerous other coastal states raised their hands as well, publicly wondering whether exemptions would be as easily acquired by Blue states. It is also the first worldwide organization hosted in India, with its headquarters situated in Gurugram, in the outskirts of New Delhi.

The assistance for these three projects is on top of the $75 million in grants previously approved by GCF for ADB projects in the Pacific, including a $31 million climate adaptation grant in November 2015 to improve urban water supply and wastewater management in Fiji, which targets a third of the country's population of 860,000.

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The group now has 60 signatories, with 30 of those countries having ratified the agreement. This is one of the most promising coalitions to combat climate change. "In India, the sun was thought of as the nurturer of all life", Modi said at the launch of the International Solar Alliance (ISA).

Co-hosting the Founding ISA Summit in New Delhi, the two leaders welcomed the entry into force of the Framework Agreement of the ISA.

On the occasion, Singh said that ISA has the potential to have a huge impact on the future of the planet, adding that he is happy that renewable energy has become viable. France will provide €700 million in loans and support by 2022 to emerging economies for solar energy projects.

Speaking alongside Indian Prime Minister Modi, French President Macron in his address said while the world has taken great strides in understanding the importance of solar energy, much needs to be done. There are financial hurdles, regulations, capacity hurdles as well.

Speaking at New York University last week, New York State Governor Andrew Cuomo - joined by former Vice President Al Gore - announced the single-largest commitment to renewable energy by any U.S. state, which is worth $1.4 billion, and approved 26 large-scale renewable energy projects across New York. They stressed the importance of mobilizing public and private funds to support the development of solar energy. The conference was attended by 23 heads of states and governments from all over the world, including Mr. Modi and Mr. Macron.

Progress is clearly happening quickly: During 2017 alone, India doubled its installed solar capacity from 10 GW to 20 GW. Power would be transmitted to Jigna sub-station of Mirzapur range of Uttar Pradesh Power Corporation Ltd, officials said. The plant will generate 15.6 crore units of electricity annually, about 1.30 crore units per month.

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