Breaking News
Home / Govt. Initative / Solar alliance to be launched by French President Emmanuel Macron in Dec in his India Visit

Solar alliance to be launched by French President Emmanuel Macron in Dec in his India Visit

French President Emmanuel Macron and Prime Minister Narendra Modi will in December share their sunshine moment in India to formalise the International Solar Alliance(ISA), giving a boost to RE-Invest 2017, the bi-annual global investor conference, where New Delhi is expected to leverage its leadership position in green energy for investments.

Macron will be in Delhi from December 8 to 10 and hold official talks with PM Modi, France’s ambassador to India Alexandre Ziegler said on Thursday. This will be the second meeting between the two leaders who had exchanged notes during Modi’s visit to Paris in June.

The two leaders will adopt the legal instrument for the ISA, an idea mooted by PM Modi for bringing sunshine countries on a common platform for promoting a vibrant market for solar power. It has the backing of around 121 countries rich in solar radiation to tackle energy issues and was launched in 2015 by PM Modi and then French President Francois Hollande in the presence of former UN Secretary General Ban Ki-moon.

France is India’s 9th largest investment partner. It is also a key partner for India in areas such as defence, space, nuclear and renewable energy, urban development and railways.

India has established a leadership position in renewable energy, setting a target of 175 GW (giga watt) green energy capacity by 2022 and wants to meet 40% of its energy requirement by 2030. The country currently boasts of over 57 GW renewable energy capacity.

 Addressing the RE-Invest curtain raiser, power minister R K Singh said India will need $100 billion investment to achieve the target of 175 GW renewable energy. “Our per capita consumption of energy is about one-sixth of Europe and one-twelfth of the US. Energy consumption is not going to double or triple but it will be over four times. That is how the rate of growth of energy consumption will be in India,” Singh said.

“I don’t see an opportunity as big as it is here. It also makes economic sense. Solar bids yielded tariff of 3.5-4 cents per unit (Rs 2.44),” Singh said and added that prices of equipment would fall further with expanding capacity for manufacturing solar cells and modules.

Renewable energy secretary Anand Kumar said out of the commitment of about Rs 4 lakh crore funding from financial institutions, including public and private sector banks, during RE-Invest 2015, around Rs 1.37 lakh crore has been disbursed.
Source: TOI

About The Indian Iris

Just like an iris controls the light levels inside the eye making it possible for us to see the outside world, The Indian Iris aims at shedding light on the ongoing political affairs, policies and schemes of the Government of India (GOI) and those of the State Governments.

Leave a Reply

Your email address will not be published. Required fields are marked *