Initially, the grouping was proposed to be called International Agency for Solar Policy & Application.
French President Emmanuel Macron shakes hands with his Indian counterpart, Prime Minister Narendra Modi, at the International Solar Alliance founding conference in New Delhi. Last month, Riyadh tapped ACWA Power, a Saudi energy company, announced to build a solar farm that would generate enough electricity to power around 40,000 homes. "In this context, Irena stands ready to work with ISA and its members to scale-up solar energy deployment as a means to expanding affordable, reliable and sustainable energy access, as well as to addressing climate and energy security concerns". The conference was co-chaired by Prime Minister Narendra Modi and French President Emmanuel Macron.
France's global development agency was committing an additional $700mn to solar energy by 2022, taking its total investment in financing solar projects in ISA member countries to $1bn, French President Emmanuel Macron said in his inaugural speech. The French National Institute for Solar Energy would contribute in providing easier access to solar technologies and technology transfers, he said. "If you want all of humanity to benefit, then I am confident that we all will come together and think like one family, so that we are able to bring unity and solidarity in our objectives and efforts". "Today, for combating climate change, we need to look at this ancient idea to find a way".
Other than leaders from member countries, the event was attended by leaders from major development banks such as the Asian Development Bank and African Development Bank who are expected to sign solar energy-related agreements. The ISA is a treaty based alliance of 121 countries, and the summit here will represent the first movement in terms of real action as the world makes an effort to move towards renewable sources of energy. The French President also announced a plan for 100 centres of excellence to train 10,000 technicians in member countries on solar technologies. They made a decision to act and keep acting, and that's why we are here, in order to act very concretely.More news: Bihar Bypolls: 57% voter turnout recorded in Araria Lok Sabha constituency
India and France called for affordable solar technology and concessional finance for promoting solar energy.
It said that the selection of consultancy firms for undertaking activities such as project identification, project formulation, pre-feasibility study etc. under the PPF will be done from among the list of consultancy firms empanelled by Exim Bank of India.
Macron and Modi hope the alliance will spur $1 trillion in new solar spending by 2030 in 121 countries lacking investment in the sector. "Over 61 countries have joined the ISA and will participate at the Founding Conference of ISA in New Delhi tomorrow", Bhattacharyya said.
At present, the country's renewable energy installed capacity is 63 GW.
India's wind power generation capacity is 32.8 GW.