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France Commits 700 Million Euros for Solar Projects Worldwide

France Commits 700 Million Euros for Solar Projects Worldwide

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

It also called for exploring innovative financing mechanisms that can generate a sustainable market for the deployment of cost effective solar technologies, coupled with constructive policy initiatives to catalyse public and private investments to reduce the cost of solar projects in developing countries.

Indian Prime Minister Narendra Modi is the chief architect of the ISA that he launched with then French President Francois Hollande in Paris in November 2015 during a convention on climate change.

India and France called for affordable solar technology and concessional finance for promoting solar energy.

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.

As for its global efforts in this field, the UAE, driven by its commitment to climate change mitigation and improving the lives of hundreds of millions of people living in communities most vulnerable to the impacts of climate change, has officially announced last February that it will join the International Solar Alliance, which aims to help developing countries harness 1,000 GW of solar by 2030.

The ISA's major objectives include global deployment of over 1,000 GW of solar generation capacity and mobilisation of investment of over Dollars 1 trillion into solar energy by 2030. Solar energy policy has to be to looked at in totality for development so that it can contribute to achievement of sustainable development goals (SDGs), he said.

Also, innovation has to be encouraged so as to provide solutions to different needs.

Without directly mentioning Trump, Macron praised the "solar mamas", a group of women trained as solar engineers, saying that the women had continued their mission to promote solar energy even after "some countries decided just to leave the floor and leave the Paris Agreement".

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. "They made a decision to act and keep acting, and that's why we are here, in order to act very concretely", Macron said. A share which could increase with further access to technology and financing.

The action plan includes increasing the share of electricity generated from photovoltaic cells in the energy mix, framing of regulations and standards and consultancy support for bankable solar projects.

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