India, a key partner in solar energy cooperation, says European Investment Bank

Aaron Brown
March 12, 2018

The first summit of the alliance is being held in the President's palace in New Delhi and is co-chaired by Prime Minister Narendra Modi and French President Emmanuel Macron.

The Agenda also called for facilitating affordable finance, access to appropriate, clean and environment friendly technology and undertaking capacity building, including forging mutually beneficial partnerships with reputable worldwide institutions and reputable financial institutions for the benefit of developing countries.

Macron said the countries at the ISA represent three-fourths of the world population.

"Vedas consider the Sun as the soul of the world, it has been considered as a life nurturer. 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".

"This is a huge platform to mobilise available financial funds", Macron said in his inaugural speech. 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".

It was announced at the summit that a Project Preparation Facility (PPF) has been set up by India to assist its development partner countries towards preparation of viable projects that can be considered for concessional financing under Lines of Credit. The cooperation, which goes for advancing sun based vitality and diminishment in the utilization of petroleum derivatives in vitality rich nations, was propelled in November 2015 at the Paris atmosphere summit by PM Modi and previous French President Francois Hollande.

"Distribution of 28 crore LED bulbs in three years has saved $2 billion and 4 GW of electricity".

"Promoting its development and use can bring prosperity for all and can help reduce the carbon footprint on Earth", Modi told the conference.

"All of us her have experienced global warming".

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"We will provide 500 training slots for member countries every year".

Today, the Prime Minister emphasized the importance of solar energy for remote areas, where electricity supply via conventional means is a challenge.

Macron and Modi hope the alliance will spur US$1 trillion in new solar spending by 2030 in 121 countries lacking investment in the sector.

The US and China have not signed the ISA especially when both the countries have technology and production capacity might with them.

"It is common good and it is for the development of all countries", he said.

President Hamid said Bangladesh strongly believes that the development of renewable energy is necessary for developing countries.

The Prime Minister said of the 121 countries associated with ISA, 61 have joined the alliance and 32 have ratified the Framework Agreement.

ISA is a treaty-based intergovernmental organisation, the first of its kind to be based in India. But it is not steering committee's mandate to re-examine it.

Meanwhile, the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA) have also signed separate joint partnership declarations with the ISA. "We have got 70 projects from various countries with a call of Expression of Interest", Tripathy told indiaclimatedialogue.net.

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