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International Solar Alliance | Must cut risk on solar financing, says PM Modi

14 March, 2018, 06:19 | Author: Kristen Ingram
  • SUNSHINE HQ PM Modi and then French president Francois Hollande at the foundation of the ISA HQ in Gurugram

As many as 62 countries have signed the ISA framework agreement, out which 32 have ratified the pact.

UAE-led solar projects have significantly contributed to reducing the cost of opting for solar energy around the world.

The full text of the op-ed follows: The United Arab Emirates has been relentless in its pursuit of a greener future, locally developing solar technologies and deploying them globally since 2006.

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".

India and France have joined hands to spearhead a global "solar revolution" with an aim to generate one terawatt of energy by 2030, an ambitious goal that requires $1 trillion in funds.

During the summit, New Delhi also announced 27 solar projects under the Indian government's credit lines in 15 countries, including Bangladesh, Chad, Congo, Ghana, Mali, Rwanda and Sri Lanka.

"This struggle for renewable energy is also a struggle for empowerment: the empowerment given to each State of the Solar Alliance to succeed at national-scale, to give opportunity to everyone and allow citizens to build their own place and therefore to be trained to create jobs in these sectors", France's President Emmanuel Macron, who co-chaired the launching ceremony said.

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

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 chose to just leave the floor and leave the Paris agreement". "They made a decision to act and keep acting", he said. The UAE has also launched many initiatives to provide the necessary funding to carry out and develop renewable energy generation projects, such as the initiatives taken by Abu Dhabi Fund for Development and Masdar.

Without taking US President Donald Trump's name, Macron said that while some left the climate deal, others stayed because they wish good for their children and grandchildren.

"We have to encourage innovation so that solar solutions can be provided for various needs". "The joint goal is to have 1 TW of solar energy by 2020 for which we need $1,000 billion", he said. Regulatory aspects as well as standards have to be framed which will expedite adoption of solar solutions, Modi said, adding that consultancy support has to be development for putting up bankable solar projects in developing countries.

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