India commits $1.4 billion for solar energy worldwide

14 March, 2018, 02:49 | Author: Regina Silva
  • India commits $1.4 billion for solar energy worldwide

New Development Bank and International Solar Alliance have joined hands to promote solar energy across the globe.

Speaking at New York University last week, New York State Governor Andrew Cuomo - joined by former Vice President Al Gore - announced the single-largest commitment to renewable energy by any U.S. state, which is worth $1.4 billion, and approved 26 large-scale renewable energy projects across New York.

This involves technical assistance, knowledge transfer, funding for off-grid projects and large-scale independent solar power producers.

The NDB and the ISA agreed to consider a roadmap for the mobilisation of financing to promote solar energy in countries of common interest and to explore mechanisms for supporting solar energy development.

New York State Governor Andrew Cuomo announced approval last week for 26 large-scale renewable energy projects, including 22 solar projects worth 647 megawatts (MW) and 733.58 MW worth of wind energy.

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ISA, headquartered in Gurugram near New Delhi, is now a treaty-based intergovernmental organization that was established following the Paris Declaration as an alliance dedicated to the promotion of solar energy among its member countries.

The Founding Conference was co-chaired by Mr. Modi and French President Emmanuel Macron. Also, innovation has to be encouraged so as to provide solutions to different needs.

Modi, the chief architect of ISA that seeks to bring together 121 nations, presented 10 action points to make affordable solar technology available to all nations.

The joint declaration recognizes the Bank's New Deal on Energy for Africa, its energy policy and its leadership in working with governments, the private sector, and bilateral and multilateral energy sector initiatives to develop a Transformative Partnership on Energy for Africa.

Amadou Hott, Vice President, Power, Energy, Climate and Green Growth at the AfDB said "This signing is an important milestone for the Bank in its efforts to lead the continent's transformation towards sustainable energy, through the use of solar technologies, and in its bid to reach universal access to energy in Africa". "We have to provide concessional financing and less-risky funds for solar projects", he said. "I am happy to announce that to fill the gap of solar technology, India will start a solar technology mission with worldwide focus, which will cover all government technical and educational institutions", Prime Minister Narendra Modi said, announcing the unprecedented investment. He said the member countries of the ISA would ensure distribution of finance and expertise.

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