March 11, 2018 / 2:57 PM / 2 months ago

France to commit 700 million euros to International Solar Alliance

NEW DELHI (Reuters) - France will commit 700 million euros to the International Solar Alliance (ISA), President Emmanuel Macron said on Sunday at the founding conference of the organization, reiterating the European country’s commitment to the alliance and clean energy.

India's Prime Minister Narendra Modi (R) shakes hands with French President Emmanuel Macron as he arrives to attend the International Solar Alliance Founding Conference in New Delhi, India, March 11, 2018. REUTERS/Adnan Abidi

ISA is an inter-governmental organization that aims to mobilize $1 trillion in funds for future solar generation, storage and technology across the world. It has 60 signatories, with 30 of those countries having ratified the agreement.

The treaty-based organization, launched by Indian Prime Minister Narendra Modi in 2015, aims to promote solar energy in 121 countries.

Speaking at the conference, Macron said France was more than tripling its commitment to the alliance, and its total monetary contribution to the alliance stood at one billion euros.

Other than leaders from member countries, the event was attended by leaders from major development banks such as the Asian Development Bank and African Development Bank who are expected to sign solar energy-related agreements.The organization’s main goal is to lower the cost of finance and spur investments across the supply chain, including in manufacturing, project development and storage, Upendra Tripathy, director general of ISA, told Reuters ahead of the conference on Friday.

Macron, traveling with a delegation of French companies including EDF, Dassault Aviation, Schneider Electric and Suez, will inaugurate a solar plant built by Engie in Uttar Pradesh as a part of a four-day tour of India.

Reporting by Sudarshan Varadhan, Editing by William Maclean

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