Providing a major push to International Solar Alliance, France pledged a €300 million sum to promote the solar initiative backed by 120 countries. The alliance is headed by prime minister Narendra Modi and French president Francois Hollande and was launched in Paris last year at the COP21 talks. It is aimed at mobilising USD 1,000 billion worth of international investment in solar power by 2030.
In January this year, France and India issued a joint statement regarding multilateral climate talks and the growing friendship between the two countries at the G20 summit in 2014. An interim secretariat has been appointed to administer the alliance after a symbolic foundation stone was laid to inaugurate it.
AFD, France’s development agency, will also support projects by ISA member countries through its €300 million funding, in line with France’s larger pledge to support renewables through a €2 billion funding, announced during COP21.
The two leaders also highlighted the importance of energy storage in promoting renewable energy. They announced the signing of MoUs that would “serve as templates for further practical collaboration in the field of renewable energy, including transfer of technology and know-how”.
Source: The Hindu
The joint statement also welcomed the growing private investment in the solar energy sector on the back of a USD 1 billion investment by a partnership between SITAC, an Indian management, construction and infrastructure services company and EDF EN, a Europe-based utility. The leaders said this went on to show the importance of climate-oriented investments in the two countries. In the meantime, AFD is also working on green housing and LED lighting for low income groups in India.
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