Emmanuel Macron promises 700 mn euros for solar energy development

Mar 14, 2018, 06:18
Emmanuel Macron promises 700 mn euros for solar energy development

The Asian Development Bank (ADB) and the International Solar Alliance (ISA) have signed a cooperation agreement to promote solar energy deployment in Asia and the Pacific region.

But while hailing the "solar mamas", a group of women trained as solar engineers, he said 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".

The International Solar Alliance (ISA) has signed a joint financial partnership with various financiers aimed at mobilising funds for the deployment of over 1,000GW of solar energy.

"The International Solar Alliance has a well-articulated goal to facilitate the mobilisation of Dollars 1 trillion of capital to rapidly accelerate the adoption of solar energy all over the world", said Upendra Tripathy, Interim Director-General of the International Solar Alliance.

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.

Modi said there should be a full ecosystem for availability and development of technology, economic resources, development of storage technology, mass manufacturing and innovation. 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.

"The French Development Agency will allocate additional 700 million euros to its commitment to solar energy by 2022", Macron said.

"Driven by remarkable cost declines, innovative policies and new business models, solar energy has emerged as the fastest growing renewable energy worldwide". The delegation would include representative members of 15 out of the 121 nations in the alliance.

Referring to "solar mamas", a group of African women trained as solar engineers under an Indian government program, Macron said these women "didn't wait and didn't stop because some countries made a decision to just leave the floor and leave the Paris agreement".

Speaking at the conference, Macron took a swipe at US President Donald Trump for backing out of the Paris climate agreement. The UAE has also launched many initiatives to provide the necessary funding to carry out and develop renewable energy generation projects, such as the initiatives taken by Abu Dhabi Fund for Development and Masdar.

President Akufo-Addo told the Summit that Ghana was committed and determined to increasing solar energy in the country's energy mix.

He called for concessional financing at lower risk for solar projects and said regulatory aspects and standards should be developed to find solutions fast.