Narendra Modi calls for concessional, less-risky financing for solar projects

Emmanuel Macron, president of France, began his address at the launch of the first International Solar Alliance summit by mentioning it was the outcome of the Paris Accord, 2015, and even as “some left the floor” others chose to act and keep acting.

As a part of its Climate Change commitments, India committed close to 40 per cent of its energy to come from renewable energy sources by 2022.

Solar power tariffs in India have fallen by almost 80% since 2010, hitting a record low of Rs 2.44 (about US$ 0.03) a unit in May 2017.

At the founding, the world’s major development banks also sort to back the initiative.

Modi said developing countries will have to develop consultancy support for bankable solar projects.

ISA is an inter-governmental organisation that aims to mobilise $1 trillion in funds for future solar generation, storage and technology across the world. Stressing on inclusiveness, Modi said a vast network of centres of excellence had to be created. ISA and ADB have joined hands for promotion of solar energy in Asia and the Pacific, including solar farms, solar based mini-grids, and transmission systems dedicated for integrating solar energy into the grids.

India needs some United States dollars 83 billion between FY2018 and FY2022 to meet its 175 GW target, according to industry estimates. The country has increased its solar power capacity by about eight times over the past four years.

In any event, India’s domestic content requirement policy for solar equipment has already been successfully challenged by the U.S. at the WTO. This constitutes 32.2% of total installed capacity.

Presidents and prime ministers and ministers of 47 countries has learned to be participating in the summit. As of March 1, out of 60 countries 26 have ratified the ISA framework agreement.

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

The joint goal is to have 1 TW of solar energy by 2030 for which “we need $1,000 billion”, he said.

While there are other countries which are acing the green energy race, India chose to partner with France for strategic and diplomatic reasons.

While all eyes would be set on French President Emmanuel Macron, other attending nations include Australia, UAE, Niger, Gabon, Seychelles, Ghana, Rwanda, Fiji, Bangladesh and Sri Lanka.

According to the High Commission statement, during the conference, Cosgrove will meet Modi and Macron. Regulatory aspects and standards need to be revised and developed to adopt solar solutions and speed up their development. Macron called on the leaders from the ISA member countries to use the opportunity of the summit make concrete announcements that would pave the way for rapid deployment of solar energy. Most of the member nations are poor countries with huge development needs and low access to finances and technology.

He also urged countries to facilitate purchase and supply of electricity generated from solar energy.