Solar coalition is said set to unveil $700 million of projects
International Solar Alliance, an initiative launched at the Paris climate talks in 2015, plans to unveil 20 projects in as many countries during the event on 11 March
New Delhi: A global coalition aimed at supporting the use of solar power is expected to announce a slew of projects worth about $700 million during its inaugural conference this weekend in New Delhi, according to government officials familiar with the matter.
The International Solar Alliance, an initiative launched at the Paris climate talks in 2015, plans to unveil 20 projects in as many countries during the event on 11 March, said the officials, asking not to be identified as the information isn’t public yet. The event will be attended by Prime Minister Narendra Modi and French president Emmanuel Macron, leaders of the countries behind the ISA’s creation, as well as four prime ministers, 19 presidents and 17 ministers, the people said.
The ISA aims to organize $1 trillion in low-cost financing for solar energy projects by 2030 in sunlight-rich but power-poor countries located around the equator. At least 26 nations, including Australia, Bangladesh and Peru, have ratified its framework agreement, according to the event’s website.
Nine multilateral development banks, including the Asian Development Bank and the World Bank, will also attend the conference and are in talks to support the ISA, the people said.
The coalition seeks to support programs including solar power for agriculture use, affordable financing, mini grids, rooftop installations and electric vehicle and storage initiatives, according to a statement from the Indian government in December when the ISA became a treaty-based, inter-governmental organization. Bloomberg
- Francois Hollande’s claim adds new twist to Rafale deal row
- RBI releases guidelines on co-origination of loans by banks, non-deposit taking NBFCs
- Tata’s UK steel plant warns it needs bigger profits to survive
- Irdai raises minimum driver insurance cover to ₹15 lakh
- Govt says 55,000 shell firms struck off in second phase
Editor's Picks »
- India’s renewable energy sector hits a milestone but loses speed
- All eyes now on share swap ratio in this mega bank merger
- Jet Privilege can actually get higher valuation than Jet Airways
- Profitability of cement firms to take a hit due to weak prices, high costs
- Pidilite’s shares hold their ground despite weak rupee and rising crude