PM Modi calls for concessional, less-risky financing for solar projects

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The choice of Delhi as the venue for holding the ISA founding conference reinforces India's pole position built on the Modi government's plan to create 175 gw (giga watt) renewable energy capacity by 2022, the world's single-largest renewable energy programme.

France had already committed 300m euros to the initiative when it co-founded with India a global alliance in 2015 to unlock new cash for solar projects in sunny yet poor nations.

The oblique reference was towards US President Trumps decision to pull out of the Paris climate agreement, which was signed by almost 200 countries in December 2015 in an effort to curb global greenhouse gas emission and limit global warming to within 2 degrees Celsius. They didn't wait and they didn't stop because some countries made a decision to leave the floor and the Paris Agreement. They started to act and to deliver complete results.

"Because they (solar mamas) decided it was good for them, for their children, their grandchildren", Macron said.

The Alliance is a treaty-based global body for the promotion of efficient exploitation of solar energy to reduce dependence on fossil fuels.

"First and foremost, we have to ensure that better and affordable solar technology is available to all and accessible to everyone".

"We know the hurdles".

Adding to this External Affairs Secretary (Economic Relations) T S Tirumurthi said, "All of them (US and China) have taken part very actively in the steering committee proceedings". "To that effect, it is not enough to look at what governments are doing". We now need a new private sector deal to mobilize the project.

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"Our priorities are often underpinned by developmental goals of our individual countries".

The French president said three primary things need to be done.

The PM called for concessional financing at lower risk for solar projects to raise the share of solar power in the energy basket.

"As one of the 26 founding members of the ISA, Australia is looking forward to sharing its expertise in solar technologies and research globally".

French President Emmanuel Macron on Sunday pledged hundreds of millions of euros for solar projects in developing countries, as world leaders met in India to promote greater investment in renewable energy. "Renewable energy policy [of Bangladesh] also dictates that 10 percent of our [Bangladesh's] total electricity requires to be generated from renewable sources by 2021", he said. We should build a comprehensive network of centres of excellence keeping local circumstances and factors in mind. "You are attracting investment, you are supporting them, you are training young people and so this is what we shall be doing".

Later he tweeted: "We make Delhi this weekend the world capital of the sun. We are focusing more on propagating clean energy to help make a difference in environment protection".

He pointed out that the alliance aims to address the main challenges related to solar energy and will expand its use among the member states in accordance with their needs.

"We have to identify the needs of our member countries".