Macron announces additional 700 million euros for solar energy

Indian Prime Minister Narendra Modi right welcomes French President Emmanuel Macron at the International Solar Alliance founding conference in New Delhi India Sunday

The treaty-based organisation, launched by Indian prime minister Narendra Modi in 2015, aims to promote solar energy in 121 countries.

Venezuelan President Nicolas Maduro, Sri Lankan President Maithripala Sirisena and Bangladesh President Abdul Hamid were among the world leaders who attended the summit.

'In this regard, they welcomed the establishment, within the International Solar Alliance, of an international committee of chambers of industry, and the willingness of the MEDEF, SER, FICCI and CII among others to join it, ' the statement said. The Alliance also promised to find innovative financing mechanisms capable of building market for cost effective solar technologies along with positive policy initiatives to prompt public and private investments to bring down solar project expenses in developing countries.

Irena's project facilitation tools and platforms such as the Global Atlas for Renewable Energy, the Project Navigator, and the Sustainable Energy Marketplace will be made available to ISA, in support of its project-focused work in countries. The member states in the Alliance also pledged to "facilitate affordable finance, access to appropriate, clean and environment friendly technology and undertake capacity building, including forging mutually beneficial partnerships with reputable worldwide institutions and reputable financial institutions for the benefit of developing countries". Shaker said that by signing the agreement, Egypt will become a founding member of ISA because of its numerous sources of renewable energy, especially solar.

Macron reiterated that France has allocated in the recent three years some $300 million euros for various projects in the world, so thus the total amount will reach $one billion euros. "Consultancy support should be developed for bankable solar projects in developing nations".

"All of us her have experienced global warming". "We should not forget that we only have one planet and we are sharing it and for that there is no alternative".

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President Macron said that countries represented at ISA represent three-fourths of the world population. 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. The country has increased its solar power capacity by about eight times over the past four years.

As many as 60 nations have signed the agreement to join ISA, while 30 have already ratified the agreement and made it possible to make it a legal entity in December past year.

Speaking on the occasion, Macron said United States dollars 1 trillion will be needed to achieve one terawatt (TW) of solar power capacity by 2030.

"Each country with its solar energy potential will identify here their needs and how much finance they need". ISA already lists 121 mission projects. Solar and wind power tariffs have dropped to an all-time low of Rs 2.44 per unit and Rs 3.46 per unit, among the lowest in the world.

India's wind power generation capacity is 32.8 GW.

Of these, 100 GW is to come from solar and 60 GW from wind.

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