Published: Wed, March 14, 2018
Sports | By Jonathan Ford

International Solar Alliance: US lauds India's efforts

International Solar Alliance: US lauds India's efforts

The International Solar Alliance aims to help create some 1,000 gigawatts of new solar capacity throughout the world by 2030. To this end, the project initiators such as United States and China will mobilize $1, 000 billion by the same period. The debt instruments used to raise financing in 2017 were numerous and included senior notes, bonds, non-convertible debentures and a flexi-line of credit.

Indeed, although countries in the southern hemisphere have significantly abundant solar resources (300 sunny days per year), they produce only 23% of solar electricity consumed worldwide.

The Asian Development Bank (ADB) has secured $190 million in total funding-comprising of $85 million in grants and $105 million in concessional loans-from the Green Climate Fund (GCF) for its climate change projects in Cambodia, Mongolia, and Tajikistan, shoring up the bank's efforts to increase its climate financing for the Asia and Pacific region. The International Solar Alliance is a non-profit, treaty-based organization comprised of some 121 countries. The government says India will need to raise at least $125 billion to reach its goal of generating 175 GW of energy from all renewable sources in five years.

"This is an historic moment for NY as we make the largest purchasing commitment to renewable energy by a state in the history of our country", said Alicia Barton, NYSERDA President and CEO.

Prime Minister Modi presented a 10-point action plan that includes making affordable solar technology available to all nations, raising the share of electricity generated from photovoltaic cells in the energy mix and framing regulations and standards to support the initiative. France's total monetary contribution to the alliance stands at one billion euros, President Macron has said.

Reuters reported that France will commit 700 million euros to ISA, reiterating the European country's commitment to the alliance and clean energy.

By the end of 2017, it had almost 7 times that, or 20 GW, according to industry tracker Bridge to India, a renewable energy consultancy. "While solar is fast becoming one of the most cost-effective ways to generate new power and deliver energy access, to deploy fast enough, complementarity must exist between our work and the broader renewable energy mandate and development tools established by IRENA".

In support of the deployment of solar power, Prime Minister Modi and President Macron also jointly inaugurated a 75-megawatt (MW) solar plant built by a French company in the Indian state of Uttar Pradesh. Power would be transmitted to Jigna sub-station of Mirzapur range of Uttar Pradesh Power Corporation Ltd, officials said.

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