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France commits Euro 700m for global solar

12 March 2018

The country has secured a prominent place in the global solar energy industry through developing world-class solar energy projects, including the Sheikh Mohammed bin Rashid Al Maktoum Solar Complex in Dubai, which is the world's largest concentrated solar power project in the world, using the independent power producer model and will generate 5000 megawatts when completed in 2030.

French President Emmanuel Macron on Sunday announced an additional investment of 700 million euros for global solar energy generation by 2022 to reduce the use of fossil fuel and help combat climate change.

These nations, Macron said, have 138 gigawatt of solar power potential over the next five years. "If we want the welfare of planet Earth and of the whole humanity, I am confident that we can come out of our personal confines and like a family, bring unity in our aims and efforts [to promote solar energy]".

Also, innovation has to be encouraged so as to provide solutions to different needs.

The ISA, Macron said, was setting up a database of projects - about 100 so far had been identified by 32 countries - and would be continuously assisting and monitoring these. Backed by the World Bank and other multilateral agencies, it aims to raise $1 trillion for projects by 2030 for a massive deployment of solar energy.

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The President of the Republic, Nana Addo Dankwa Akufo-Addo, has pledged the commitment of his government to increasing the contribution of the solar energy to the country's energy-mix. Stressing on inclusiveness, Modi said a vast network of centres of excellence had to be created. "Let's get to work", Macron said.

Later, he tweeted: "We make Delhi this weekend the world capital of the sun". The estimated cost of these projects is $1.4 billion.

He said Bangladesh is "always ready to mutually collaborate and cooperate for ensuring affordable, reliable, sustainable and modern energy for all".

At present, the country's renewable energy installed capacity is 63 GW. He is a man of ideas and one hopes he sees more in the relationship with India than a transactionalist view where India is merely a market for expensive fighter jets or nuclear power plants.

Modi flagged the need for investment in better and more accessible solar technology, concessional finance for solar projects, easing of regulatory mechanisms and persuading developed countries to provide consultancy services among other "action points".

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"India will produce 175 GW electricity from renewable sources by 2022 and 100 GW will be from solar energy", Mr. Modi said, addressing the ISA.

The member states agreed to facilitate joint research and Development, to consider off-grid solar applications to cater to the energy requirements of poorer and remote communities and to facilitate awareness and skills enhancement of local communities in the monitoring and maintenance of solar technologies. He also revealed that ISA has to date secured 60 signatories and 30 parties already had ratified solar alliance.

ISA was conceptualised to deploy large-scale solar power (1000 GW by 2030) in 121 sunshine-rich countries that lie between the Tropic of Cancer and the Tropic of Capricorn.

Heads and ministers of dozens of countries participated in Sunday's solar meeting, co-hosted by India and France.

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France commits Euro 700m for global solar