Government moots concessional financing of solar projects

Posted March 13, 2018

Besides, they will also facilitate affordable finance, access to appropriate, clean and environment friendly technology and undertake capacity building, including forging mutually beneficial partnerships with reputable global institutions and reputable financial institutions for the benefit of developing countries. "The European Investment Bank - the EU bank - welcomes the vision of the International Solar Alliance to ensure those countries most vulnerable to climate change can harness the proven potential of solar power".

In a joint statement issued the day before the conference, the two nations "committed to fully implement the Paris Agreement at the COP24 and further on, under the United Nations Framework Convention on Climate Change (UNFCCC) as a part of an irreversible global process at combating climate change for the benefit of all humanity", The Economic Times reported.

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.

Macron said the countries at the ISA represent three-fourths of the world population.

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"They (ISA member nations) started to act and to deliver complete results". While hailing the "Solar Mamas", a group of women solar engineers, he also referred to the countries which made a decision to leave the climate agreement.

ISA is a treaty-based global body for promotion of solar energy in alliance with 121 countries, which are fully or partially between the Tropics of Cancer and Capricorn.

India plus France together have initially created this Environment Event inside Paris, around 2015.

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".

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Modi also presented a 10-point action plan that included making affordable solar technology available to all nations, raising the share of electricity generated from photovoltaic cells, framing regulations and standards, providing consultancy support for bankable solar projects and creating a network of centres for excellence.

But on Saturday, India said that membership of the body will be thrown open to all countries that want to join, with no criteria such as duration of sunlight and geographical location.

As many as 60 nations have signed the agreement to join ISA, while 30 have already ratified the agreement and made it possible to make it a legal entity in December a year ago. India, with a target to produce 100 GW of solar energy by 2022, would account for a tenth of ISA's goal. India also aims to achieve 40% installed power capacity from renewable energy by 2030.

The ISA aims to facilitate the large-scale deployment of solar energy in those countries, that are home to 73% of the world's population - by aggregating the demand for funding, technology and innovation.

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