France said it will allocate 700 million euros in additional spending to its commitment to solar energy by 2022, which will take its total commitment to 1 billion euros.
India’s Prime Minister Modi and French President Emmanuel Macron are co-chairing the founding conference of ISA in New Delhi, India.
India has also announced the allocation of $1.4 billion as part of India’s 27 solar projects in 15 developing countries at the conference of the International Solar Alliance (ISA).
The conference is being attended by over 20 heads and deputy heads of government. ISA is an inter-governmental organization, which targets to mobilize $1 trillion in funds for future solar generation, storage and technology across the globe.
The alliance has 60 signatories, with 30 of those countries having ratified the agreement. “We want a solar revolution not just in India but the world... India will begin the solar technology mission to bridge the gap in solar technology.” Modi said.
Out of the 27 projects for which Modi offered financial assistance, 23 of them are African countries. India has been trying to counter Chinese influence in these countries, according to experts. Two of the remaining four projects are in Bangladesh, worth a total of $180 million, and Sri Lanka, $100 million.
This is in addition to the 13 solar development projects, either finished or being implemented under the Indian line of credit worth $143 million in African countries.
France tripling commitment
The French president also said France was more than tripling its commitment to the ISA alliance. France’s total contribution to the alliance stood at one billion euros.
Macron is at the moment traveling with a delegation of French companies. These include EDF, Dassault Aviation, Schneider Electric and Suez. The French president will inaugurate a solar plant built by Engie in Uttar Pradesh during the four-day tour of India.
Speaking at the conference, Macron took a swipe at US President Donald Trump for backing out of the Paris climate agreement. Macron referred to countries, without giving names, which have quit the Paris climate agreement and said “ISA nations came together to deliver complete results”.
“They (ISA member nations) started to act and to deliver complete results. They didn’t wait, they didn’t stop because few countries decided to just leave the floor and the Paris agreement,” Macron said. “Because they decided it was good for them, their children and grandchildren and they decided to act and keep acting,” he added.
ISA aims to raise $1 trillion
Macron said the countries at ISA represent three-fourths of the world population. “The joint goal is to have 1 TW of solar energy by 2020 for which we need $1,000 billion,” he said.
The $1.4 billion India pledges will be part of the $2 billion under the Indian Line of Credit which will also be allocated as part of the $10 billion for development projects abroad pledged by New Delhi earlier. One of ISA’s primary aims of ISA is to raise around $1 trillion investment to be used by 2030 to promote solar energy and reduce the use of fossil fuels.