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.
The group is calling for solar power innovation while cutting costs.
The French President co-chaired the summit with Prime Minister Narendra Modi at the Rashtrapati Bhavan that was also attended by the heads of 23 nations and 10 ministerial representatives.
For the ISA, he presented an action plan that includes affordable solar technology for all, low-risk finance and an increased ratio of solar power in the energy mix.
March 11 (ANI): Prime Minister Narendra Modi on Sunday at the Founding Conference of the International Solar Alliance (ISA), listed out ten action points to bring about a worldwide solar revolution.
The founding conference of ISA is being co-chaired by Indian prime minister Narendra Modi and French president Emmanuel Macron in New Delhi, with delegates including heads of state and government, ministers, chief executives of global organisations and other high-level officials. He said better and cheaper solar technology should be easily available to all nations. 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.
During the summit, New Delhi also announced 27 solar projects under the Indian government's credit lines in 15 countries, including Bangladesh, Chad, Congo, Ghana, Mali, Rwanda and Sri Lanka.
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"Driven by remarkable cost declines, innovative policies and new business models, solar energy has emerged as the fastest growing renewable energy worldwide".
The UAE, thanks to its wise leadership, remains steadfast in its efforts to support and deploy renewable energy solutions, particularly solar energy, both locally and internationally.
"Because they (solar mamas) decided it was good for them, for their children, their grandchildren", Mr Macron said.
Speaking at the launch of the first International Solar Alliance (ISA) summit, Macron called for "joint duties" towards a "planet that we are sharing" and took a dig at his U.S. counterpart Donald Trump, who pulled out of the 2015 Paris climate deal. "We have to provide concessional financing and less-risky funds for solar projects", he said.
It acknowledged "the importance of access by women and youth to advance knowledge and solar energy technologies, especially in poorer communities, rural and remote areas".
He said India has launched the "world's biggest renewable energy programme with a target to generate 175 GW of electricity from renewable sources".