Macron announces additional 700 million euros for solar energy

"To this endeavour, we look forward to the unlocking of a new dynamic in renewable energy with support from and solidarity among the member countries of ISA", said President Hamid.

Last week, a former White House adviser on worldwide energy and environment issues said the White House has been considering a plan to rejoin the agreement.

Indian Prime Minister Narendra Modi and French President Emmanuel Macron co-chaired the Founding Conference of ISA, attended by dignitaries from over 50 countries and organisations including United Nations Secretary-General António Guterres and Venezuelan President Nicolás Maduro.

It also called for exploring innovative financing mechanisms that can generate a sustainable market for the deployment of cost effective solar technologies, coupled with constructive policy initiatives to catalyse public and private investments to reduce the cost of solar projects in developing countries.

After subsequent ratification by nearly 30 countries (15 was the minimum number required for it to gain a legal status) and with 61 countries having signed the framework agreement, it became a legal entity.

Summit, co-facilitated by India and France, at Rashtrapati Bhavan commences today, it not just expedites spotlight India as a key player in bridling sunlight based vitality, it is additionally being viewed as an enormous strategic triumph for the nation.

The French President also took a subtle jab at his American counterpart as he brought up the historic Paris Climate agreement and countries which left the pact.

"Without the concept of climate justice there would have been no Paris Agreement".

Referring to a group of rural women solar engineers "solar mamas" who had performed earlier, Macron said: "Our solar mamas, we just listened to, didn't wait for us". "There is a need to develop consultancy support for bankable solar projects in developed countries and our efforts need more co-operation and inclusion", PM Modi said.

The ISA and the ADB would also cooperate on knowledge sharing and developing technology roadmaps for the promotion of solar energy, the multilateral lending agency said in a statement.

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

The member countries also agreed to facilitate joint R&D efforts to develop appropriate business models, cost-effective standards, innovative technical applications, equipment and storage designs to suit members' climatic conditions and to realise clean and low-priced operations.

"ISA should be a place where technology meets expectations".

"This is a huge platform to mobilise available financial funds", Macron said in his inaugural speech.

"Advances in solar energy production must be matched by the development of batteries capable of storing it and smart grids to distribute it to customers", the president said. "We have to increase the share of solar in energy mix", he said.

"We need a solar revolution not only in India but in the world", the Prime Minister asserted. "In India, now, more power is produced from renewable sources of energy as compared to the traditional sources", said Modi.

The energy-hungry giant of 1.25 billion people is banking on solar to electrify homes for hundreds of millions of its poorest citizens without adding to its considerable emissions output.

The summit concluded with the adoption of a document titled "Delhi Solar Agenda" where the signatories pledged to pursue a range of commitments including increasing the share of solar energy in their energy mix.

  • Leroy Wright