India, a key partner in solar energy cooperation, says European Investment Bank

India, a key partner in solar energy cooperation, says European Investment Bank

The first founding conference of the International Solar Alliance (ISA) was held in New Delhi on Sunday, aiming to promote solar energy.

This would be more than double the present renewable energy capacity and would be enough to overtake renewable expansion in the European Union for the first time.

"The objective of the agreements is to deepen their cooperation in support of renewable energy".

He said better and cheaper solar technology should be easily available to all nations.

Today's summit will discuss various projects being prepared by different countries in areas including rural electrification, off grid solar power, water supply and irrigation.

Need to encourage innovation to get solar solutions for various needs. "We came to ask the topics on the table and give access to solar energy in the world".

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President Macron, who is on a four-day visit to India, highlighted that to generate 1 TW (terawatt) of solar power by 2030, as envisaged under the ISA, a funding corpus of $1 trillion will be required even as he underlined financial and regulatory hurdles within the member countries for achieving the target. "They didn't wait, they didn't stop because few countries made a decision to just leave the floor and the Paris agreement", the French President said. "We are now creating a momentum and will yield concrete results", said Macron.

The two leaders agreed that the ISA had an important role in the need for a "solar revolution" as Modi put it. Macron said that the ISA should be a place where technology should meet expectations.

Modi called for rising above narrow private goals to make collective effort for the betterment of the mankind. "She is endowed with abundant Solar resource which can be exploited to increase significantly the contribution of renewable energy in the country's power generation mix", the President said.

"The Solar Study Lamp Scheme has benefitted seven million school going children".

Macron lauded India's solar commitments that has 20 GW installed solar capacity - one of the. However, solar capacity addition did not pick up in initial years due to high tariff and widespread skepticism about viability of this clean source of energy.

Many other leaders said the history will remember that the ISA was born in New Delhi.

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Of the member nations, 60 have signed the treaty and about 30 nations have ratified it.

Indian "vedas" have since thousands of years considered sun as at soul of the universe and a nourisher of life.

France had already committed $300 million 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.

Speaking on the occasion, Macron said Dollars 1 trillion will be needed to achieve one terawatt (TW) of solar power capacity by 2030.

"Promoting its development and use can bring prosperity for all and can help reduce the carbon footprint on Earth", Modi told the summit.

Solar energy can have a variety of uses - agriculture, solar water pumps, clean cooking.

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