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PM Modi Supports Concessional Financing Of Solar Projects

March 11, 2018 6:36 pm Category: SLIDER NEWS, TOP STORIES A+ / A-

PM Modi, the chief architect of International Solar Alliance that seeks to bring together 121 nations, gave 10 action points to support the cause.

PM MODI on Hard workNEW DELHI: Prime Minister Narendra Modi today called for concessional financing and less-risky funds
for solar projects to raise the share of solar power in the energy basket, provide cheaper electricity
and cut carbon emissions.

Speaking at the founding conference of the International Solar Alliance (ISA), he said India will
generate 175 gigawatts (GW) of electricity from renewable energy sources by 2022.

This would be more than double the present renewable energy capacity and would be enough to overtake
renewable expansion in the European Union for the first time.

PM Modi, the chief architect of ISA that seeks to bring together 121 nations, presented 10 action
points including making affordable solar technology available to all nations, raising the share of
electricity generated from photovoltaic cells in the energy mix and framing regulations and standards
to support the initiative.

He said better and cheaper solar technology should be easily available to all nations. “We have to
increase the share of solar in the energy mix,” he said.

Also, innovation has to be encouraged so as to provide solutions to different needs. “We have to
provide concessional financing and less-risky funds for solar projects,” he said.

The International Solar Alliance’s major objectives include global deployment of over 1,000 GW of solar
generation capacity and mobilisation of investment of over $1 trillion towards solar energy by 2030.

Regulatory aspects, as well as standards, have to be framed which will expedite adoption of solar
solutions, PM Modi said, adding that consultancy support has to be development for putting up bankable
solar projects in developing countries.

Stressing on inclusiveness, he said a vast network of centers of excellence has to be created.

Solar energy policy has to be to looked at in totality for development so that it can contribute to the achievement
of sustainable development goals (SDGs), he said. “We have to strengthen ISA Secretariat
and make it more professional.”

Prime Minister Modi called for rising above narrow private goals to make collective effort for the
betterment of the mankind.

He said India has launched the “world’s biggest renewable energy programme with a target to generate
175 GW of electricity from renewable sources.”

Of these, 100 GW is to come from solar and 60 GW from wind. “Of the target for solar energy generation,
we have already achieved 20 GW installed solar power,” he said.

India needs around $83 billion between FY2018 and FY2022 to meet its 175 GW target, according to
industry estimates.

Electricity from renewable sources is cheap, reliable and clean. Besides providing an alternative to
polluting coal-based electricity generation, photovoltaic (PV) has big potential to power irrigation
and reduce the use of back-up diesel generators.

At present, the country’s renewable energy installed capacity is 63 GW. Solar and wind power tariffs
have dropped to an all-time low of Rs. 2.44 per unit and Rs. 3.46 per unit, among the lowest in the
world.

As a demonstration of India’s commitment to the International Solar Alliance, PM Modi said 500 training
slots will be created for member countries and a solar technology mission will be started to lead
research and development in the sector.

To supplement solar energy generation, India has distributed 28 crore LED bulbs in the last three years
which have helped save $2 billion and 4 GW of electricity, the prime minister said.

International Solar Alliance, headquartered in Gurgaon is now a treaty-based inter-governmental
organisation that was established following the Paris Declaration as an alliance dedicated to the
promotion of solar energy among its member countries.

Prime Minister Modi said of the 121 countries associated with ISA, 61 have already joined the alliance
and 32 have ratified the Framework Agreement.

“In India, the ‘Vedas’ considered the Sun as the spirit of the world thousands of years ago. In India,
the Sun is considered to be the nutrition needed to sustain life. Today, when we are looking for a way
to tackle the challenge of Climate Change, then we have to look at the balanced and holistic view of
India’s ancient philosophy,” he said.

Prime Minister Modi had, in a speech at London’s Wembley Stadium in 2015, proposed the idea of an
inter-governmental organisation comprising of 121 countries, which lie either completely or partly
between the Tropics of Cancer and Capricorn, with an aim to promote solar energy.

ISA was launched by PM Modi at the India-Africa Summit in New Delhi and the United Nations Climate
Change Conference in Paris in October 2015 and November 2015, respectively.

Today, heads of 23 nations and 10 ministerial representatives gathered in New Delhi for the alliance’s
first summit. The summit was co-hosted by French President Emmanuel Macron.

Speaking on the occasion, President Macron said $1 trillion will be needed to achieve one terawatt (TW)
of solar power capacity by 2030.

“The development of solar energy will not just lead to our prosperity, but will also reduce the carbon
footprint of the earth,” PM Modi said today.

COMMENTSStating that better and affordable solar technology is available to all must be ensured, he
said, results would be even better if other forms of energy are linked to solar.

Solar energy can have a variety of uses – agriculture, solar water pumps, clean cooking. “We need to
encourage innovation in the solar energy sector to find different uses for it,” he said.

PM Modi Supports Concessional Financing Of Solar Projects Reviewed by on . PM Modi, the chief architect of International Solar Alliance that seeks to bring together 121 nations, gave 10 action points to support the cause. NEW DELHI: Pr PM Modi, the chief architect of International Solar Alliance that seeks to bring together 121 nations, gave 10 action points to support the cause. NEW DELHI: Pr Rating: 0
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