Against the backdrop of COP21 UN climate negotiations, Indian Prime Minister Narendra Modi and French President François Hollande launched the International Solar Alliance in December last year.
The alliance involves over 120 countries supporting the “declaration on the occasion to launch the international solar alliance of countries dedicated to the promotion of solar energy”. Modi was encouraged by the industry-wide support given to solar energy.
Recently, Lightsource Renewable Energy, a British solar company, announced a £2 billion solar investment in India to build about 3 GW of solar power infrastructure through its partnership with Srei Infrastructure Finance Ltd. Another solar company from the UK, British Solar Renewables, is already expanding its business in India and is aiming at the installation of 100 GW of solar power in the five to seven years.
While the alliance will provide a major boost to the international opportunities surrounding solar, only a few British solar companies are in a position to be able to take advantage of the fact. The UK Government has announced a spending of only £7 million to support the British solar industry for the next three years, disregarding the international momentum building around the renewable source of energy. Industry experts in the UK expect critical decisions on the solar Feed-in-Tariff to come within days of the climate summit in Paris.
According to UN Secretary-General Ban Ki-Mood, the COP 21 climate change agreement was meant to send a strong message to investors to pour in more money into solar and other renewable forms of energy. Moreover, he urged the countries present at the summit to cooperate and compromise to be able to reach a consensus.
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