The Asian Development Bank (ADB) and the International Solar Alliance (ISA) have signed a cooperation agreement to promote solar energy deployment in Asia and the Pacific region.
"Driven by remarkable cost declines, innovative policies and new business models, solar energy has emerged as the fastest growing renewable energy worldwide".
Indian Prime Minister Narendra Modi is the chief architect of the ISA that he launched with then French President Francois Hollande in Paris in November 2015 during a convention on climate change. "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".
India has also announced the allocation of $1.4 billion as part of India's 27 solar projects in 15 developing countries at the conference of the International Solar Alliance (ISA).
The alliance involves 121 prospective member-countries that fall between the Tropics of Cancer and Capricorn, and are exposed to the "maximum solar intensity of over 300 days a year", acording to a bureaucrat at the Indian external affairs ministry.
So far, 62 countries have signed the ISA framework agreement, out of which 32 have already ratified it. Australia, Bangladesh, Cuba, France, Ghana, India, Papua New Guinea, Sudan, Sri Lanka, Togo, the United Arab Emirates and Venezuela are among those that have ratified the agreement.
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Modi said there should be a full ecosystem for availability and development of technology, economic resources, development of storage technology, mass manufacturing and innovation. Initiated since 2015, the alliance aims to ease the implementation, by 2030, of additional solar plants estimated at 1, 000 GW, five times the current global capacity.
Out of the 27 projects for which Modi offered financial assistance, 23 of them are African countries.
Under the ISA, 100 centres for excellence would train 10,000 technicians to achieve the target of 1,000 GW of solar energy that needs $1,000 billion, Macron said.
On the occasion, Singh said that ISA has the potential to have a huge impact on the future of the planet, adding that he is happy that renewable energy has become viable. To date, 121 countries are involved in the International Solar Alliance.
"Because they (solar mamas) decided it was good for them, for their children, their grandchildren", Mr Macron said. "We have to provide concessional financing and less-risky funds for solar projects", he said.
The action plan includes increasing the share of electricity generated from photovoltaic cells in the energy mix, framing of regulations and standards and consultancy support for bankable solar projects.