India and France join hands in pushing massive deployment of solar energy

French president Emmanuel Macron and prime minister of India Narendra Modi launch the International Solar Alliance

French president Emmanuel Macron and prime minister of India Narendra Modi launch the International Solar Alliance

"This signing is an important milestone for the Bank in its efforts to lead the continent's transformation towards sustainable energy, through the use of solar technologies, and in its bid to reach universal access to energy in Africa".

"The International Solar Alliance has a well-articulated goal to facilitate the mobilisation of United States 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. The conference was attended by 23 heads of states and governments from all over the world, including Mr. Modi and Mr. Macron.

"We extend our congratulations to the ISA on the occasion of its founding ceremony".

Irena project tools and platforms such as the Global Atlas for Renewable Energy, the Project Navigator, and the Sustainable Energy Marketplace will be made available to ISA, a coalition of 120 sun-belt countries launched at the UN Climate Change Conference in Paris in 2015 with the mission of mobilising $1trn for solar energy projects globally.

"We have been pleased to provide technical support to the ISA and will continue to look for opportunities where the U.S. can collaborate with the ISA in future", the spokesperson said.

The founding conference of ISA is being co-chaired by Indian prime minister Narendra Modi and French president Emmanuel Macron in New Delhi, with delegates including heads of state and government, ministers, chief executives of global organisations and other high-level officials. However, the MIT Technology review said that the well-intentioned target looks almost impossible to achieve.

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Speaking at New York University last week, New York State Governor Andrew Cuomo - joined by former Vice President Al Gore - announced the single-largest commitment to renewable energy by any USA state, which is worth $1.4 billion, and approved 26 large-scale renewable energy projects across New York.

"All these projects are part of the Indian government's ambition to promote the development of renewable electricity and to increase the share of renewables in the energy mix", the French company explained.

Thirty-two (32) of the ISA's 60-member countries are from Africa.

The International Solar Alliance is a treaty based inter-governmental alliance of 121 sunshine-rich countries that lie fully or partially between the Tropics of Cancer and Capricorn.

The report noted that there were no corporate M&A deals in solar during 2017. Now 32 countries are full members and another 61 are on their way to full membership.

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