France pledges €700m to International Solar Alliance

International Solar Alliance was the key focus of last week. Indian Prime Minister Narendra Modi has been focusing on boosting the adaption of Solar Energy all over the country. French President Emmanuel Macron visited India and accompanied Indian Prime Minister Narendra Modi at the opening of the new solar power plant in Mirzapur, India.

On March 11, President Emmanuel Macron announced that France will pledge €700m ($862m) to solar energy projects by 2022. President Emmanuel Macron announced the contribution on his trip to India at the first ever summit of the International Solar Alliance. The alliance is an intergovernmental organisation launched in 2015 by Indian Prime Minister Narendra Modi to promote the use of solar energy.

Macron promised to build on France’s existing €300m ($369m) contributions to the body, bringing country’s total donations up to €1bn ($1.23bn).

The alliance aims to generate a sum total of $1trn to fund solar research across 121 countries by 2030. Countries under special focus will be the one’s between the Tropics of Cancer and Capricorn, which receive enormous amounts of sunlight. Currently, 60 countries are signatories to the alliance, with almost half of them having ratified the agreement.

Macron also tweeted,

“This week-end we make Delhi the world capital of the sun. Through our presence we seal an alliance to make the energy of the sun accessible to everyone.”

 
During the trip, Macron accompanied Modi to the inauguration of the largest solar power plant in the northern Uttar Pradesh province. Costing $76m, built by French energy firm ENGIE, the plant will be able to generate 75MW of energy.
The collaboration is supposed to bring the much needed change in renewable energy sector.
Source: WORLD FINANCE

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A group of tech enthusiasts who are tracking latest developments in CleanTech with special focus on Energy Storage and Electric Mobility

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