India-France launch $1tn global solar tie-up

30 November 2015 (Last Updated November 30th, 2015 18:30)

India has launched a global alliance with France to boost solar power generation across countries, especially in developing ones that have ample solar energy resources but insufficient capital.

Modi

India has launched a global alliance with France to boost solar power generation across countries, especially in developing ones that have ample solar energy resources but insufficient capital.

The International Solar Alliance (ISA) initiative was launched by the Indian Prime Minister Narendra Modi and French President Francois Hollande on the first day of the UN climate change summit in Paris, France.

It is expected to operate as a collaborative platform for the tropical countries, having solar potential and support solar projects and infrastructure developments within those areas.

ISA intends to include 121 countries as signatories, including the US and China, and will be supported by $1tn in investment until 2030.

Under the initiative, India expects a $100bn investment every year, from the rich countries to the poorer ones from 2020.

Modi said: "The sun is the source of all energy. The world must turn to solar, the power of our future.

"We want to bring solar energy into lives and homes by making it cheaper, more reliable and easier to connect to the grid."

"We want to bring solar energy into lives and homes by making it cheaper, more reliable and easier to connect to the grid."

ISA will be operating from the National Institute of Solar Energy in the city of Gurgaon in Haryana, India. The institute will be allocating land and $30m to form a secretariat for the solar alliance.

US-based non-governmental global research organisation World Resource Institute managing director Manish Bapna said: "The international alliance brings together developing and developed countries to expand energy access, accelerate solar power deployment, and stimulate economic development."

The initiative is expected to encourage technology exchange and innovation and create new business opportunities in India and globally.


Image: Indian Prime Minister Narendra Modi at the UN climate change summit in Paris, France. Photo: courtesy of World Resources Institute.