NEW DELHI: Prime Minister Narendra Modi, along with French President Francois Hollande on Monday launched the International Solar Alliance, consisting of around 120 solar energy-rich countries, with India pledging $ 30 million to host the initiative which aims to attract investments in the solar sector, encourage joint ventures and develop innovative financing mechanisms at affordable cost.
“India will be pleased to host this initiative at the premises of our National Institute of Solar Energy. We will provide land and contribute approximately $30 million to build the secretariat infrastructure,” the PM said at the launch of the alliance at the climate summit. He said India would support operations for five years and together, the alliance will raise long terms funds to achieve prescribed goals.
The alliance brings together developed and developing countries, governments and industries, laboratories and institutions, in a common enterprise. Emphasising on the need for transition to clean energy, Modi said: “Today, when the energy sources and excesses of our industrial age have put our planet in peril, the world must turn to Sun to power our future.”
Big Targets
■ India pledges $30 million to host the International Solar Alliance
■ New Delhi to host the initiative at the National Institute of Solar Energy and support operations for five years
■ To add 12 GW solar power by year end, 100 GW by 2022
“As the developing world lifts billions of people into prosperity, our hope for a sustainable planet rests on a bold global initiative. It will mean advanced countries leaving enough carbon space for developing countries to grow. That is natural climate justice. It also means a growth path with lighter carbon footprint,” he said. The PM further said the vast majority of humanity was blessed with generous sunlight round the year, but many were without any source of power. Talking about the importance of the alliance, Modi said: “We want to bring solar energy into our lives and homes, by making it cheaper, more reliable and easier to connect to grid. We will collaborate on research and innovation. We will share knowledge and exchange best practices.”
“We will cooperate on training and building institutions. We will discuss regulatory issues and promote common standards. We will attract investments in the solar sector, encourage joint ventures and develop innovative financing mechanisms,” he said.