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
- China backs India’s bid for improved domestic regulations
- How 3.4 million households in UP are using power illegally
- Nissan seeks to block Carlos Ghosn’s access to apartment in Rio de Janeiro
- China says U.S. should withdraw arrest warrant for Huawei executive
- All villages to be connected through broadband by 2019: Manoj Sinha
Editor's Picks »
- Risks emerge for Ramakrishna Forgings, Bharat Forge, Motherson Sumi as heavy-duty trucks face headwinds
- Surprise! Global equity valuations hold in spite of negative growth concerns
- Coal India shares fail to kindle the fire
- RBI surveys show where the battle is during elections
- Why mills aren’t worried about low cotton production yet