France Commits 700 Million Euros for Solar Projects Worldwide

France Commits 700 Million Euros for Solar Projects Worldwide

France Commits 700 Million Euros for Solar Projects Worldwide

Of these, 61 have signed the framework agreement and 32 have also submitted their instruments of ratification.

"Driven by remarkable cost declines, innovative policies and new business models, solar energy has emerged as the fastest growing renewable energy worldwide".

Launched by Prime Minister Narendra Modi and then French President Francois Hollande at the Paris climate summit in 2015, the ISA was conceived as a coalition of solar resource-rich countries to address their special energy needs and provide a platform to collaborate on dealing with the identified gaps through a common, agreed approach.

The parties will mutually support the implementation of the NDBs and ISAs plans for solar energy development and deployment through technical assistance and knowledge transfer.

The summit will discuss framing regulations and standards, credit mechanisms, crowd funding and sharing of technological breakthroughs to promote solar energy in 121 countries associated with the Alliance.

The Founding Conference of ISA, co-chaired by PM Modi and President Macron, is taking place at the Rashtrapati Bhavan Cultural Center in New Delhi and is being attended by heads of state and government, ministers, heads of global organisations and other high-level officials. One of ISA's primary aims of ISA is to raise around $1 trillion investment to be used by 2030 to promote solar energy and reduce the use of fossil fuels.

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The International Solar Alliance (ISA) is an alliance of more than 121 countries, majority being sunshine countries, which lie either completely or partly between the Tropic of Cancer and the Tropic of Capricorn.

These nations, Macron said, have 138 gigawatt of solar power potential over the next five years.

Macron, who arrived in India Saturday on a three-day official visit, has pledged an extra €700 million ($861.5 million) for solar energy projects in developing nations.

President Akufo-Addo informed the Summit that a major strategy to achieving those targets in Ghana, was to build the relevant domestic capacity in the manufacture and assembling of solar energy systems and accessories within Ghana. "They didn't wait and they didn't stop because some countries decided just to leave the floor and leave the Paris agreement".

French President Emmanuel Macron took a jab at President Donald Trump on Sunday for his decision to withdraw the United States from the Paris climate agreement. A share which could increase with further access to technology and financing.

For his part, Modi pointed out that India has started the world's largest renewable energy expansion program.

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