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14 March 2018, 06:17 | Myrtle Vega
PM Modi and Marcon
The Asian Development Bank (ADB) and the International Solar Alliance (ISA) have signed a cooperation agreement to promote solar energy deployment in Asia and the Pacific region.
The ISA aims to facilitate the large-scale deployment of solar energy in those countries, that are home to 73% of the world's population - by aggregating the demand for funding, technology and innovation.
Indian Prime Minister Narendra Modi called for a unified effort for promoting solar energy and said the Alliance would help to achieve greater global energy security.
For the ISA, he presented an action plan that includes affordable solar technology for all, low-risk finance and an increased ratio of solar power in the energy mix.
"The International Solar Alliance has a well-articulated goal to facilitate the mobilisation of 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 alliance involves 121 prospective member-countries that fall between the Tropics of Cancer and Capricorn, and are exposed to the "maximum solar intensity of over 300 days a year", acording to a bureaucrat at the Indian external affairs ministry.
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President Emmanuel Macron on Sunday announced that France would extend an additional 700 million euros ($861.5 million) through loans and donations by 2022 for solar projects in emerging economies. He said better and cheaper solar technology should be easily available to all nations.
The ISA's major objectives include global deployment of over 1,000 GW of solar generation capacity and mobilisation of investment of over Dollars 1 trillion into solar energy by 2030.
Out of the 27 projects for which Modi offered financial assistance, 23 of them are African countries.
Also, innovation has to be encouraged so as to provide solutions to different needs. He also revealed that ISA has to date secured 60 signatories and 30 parties already had ratified solar alliance. It says it's also committed to implementing the Paris Agreement to tackle climate change.
Without directly mentioning Trump, Macron praised the "solar mamas", a group of women trained as solar engineers, saying that the women had continued their mission to promote solar energy even after "some countries decided just to leave the floor and leave the Paris Agreement". "The joint goal is to have 1 TW of solar energy by 2020 for which we need $1,000 billion", he said.
He said India has launched the "world's biggest renewable energy programme with a target to generate 175 GW of electricity from renewable sources".
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