India, France launch $1 Trillion Potential Solar Programme under ISA
India and France have launched a programme with $1 trillion Potential Solar Programme under the International Solar Alliance (ISA).
It is a solar finance programme that aims at helping developing countries to fully harness their solar resources for a clean energy future.
It was announced by Minister of State for Power Piyush Goyal and French Environment Minister Segolene Royal at the ministerial side event on ISA at the United Nations.
The solar finance programme aims at lowering the cost of finance and facilitates the flow of more than 1 trillion dollars investment to members of the ISA.
Both countries also launched a second programme at the ISA meeting which aims to make available solar technology for farmers. The meeting was attended by representatives of over 25 countries including the US, Bangladesh, Brazil and Nigeria.
About International Solar Alliance (ISA)
- The ISA was launched at the 2015 Paris Climate Change Summit by Prime Minister Narendra Modi and French President Francois Hollande.
- It seeks to empower solar-rich countries located between the tropic of Cancer and the tropic of Capricorn to make collaborative efforts to harness solar energy to generate the electricity.
- Under this alliance, 121 countries that fall within the tropics have been invited. Most of these countries fall within Asia, Africa and South America.
- Three Objectives: (i) To force down prices by driving demand, (ii) To bring standardization in solar technologies and thirdly and (iii) To foster research and development.