NDB, ISA tie up to promote solar energy

Posted March 14, 2018

UAE-led solar projects have significantly contributed to reducing the cost of opting for solar energy around the world.

Indian Prime Minister Narendra Modi called for a unified effort for promoting solar energy and said the Alliance would help to achieve greater global energy security.

The full text of the op-ed follows: The United Arab Emirates has been relentless in its pursuit of a greener future, locally developing solar technologies and deploying them globally since 2006.

The Summit, attended by 25 other Heads of State and Government, provided a dedicated platform for co-operation amongst solar resource rich countries, aimed at realising "the common goals of increasing the use of solar energy in meeting the energy needs of ISA member countries in a safe, convenient, affordable, equitable and sustainable manner".

"With the ISA being here, if the ISA will prove itself to be a game changer in the way energy markets evolve, in giving more people access to energy...then India emerges as a leader of climate action", Kanika Chawla, a renewable energy expert at Delhi-based nonprofit Council on Energy, Environment, and Water, told Quartz.

Most of the member countries are located in equatorial regions in Africa and the Indian Ocean. One of ISA's primary aims of ISA is to raise around $1 trillion investment to be used by 2030 to promote solar energy and reduce the use of fossil fuels.

Out of the 27 projects for which Modi offered financial assistance, 23 of them are African countries.

Macron applauded India's efforts in expanding renewable energy capacity within two years, from 39GW to 63GW, with solar energy growing up by 140%. He also revealed that ISA has to date secured 60 signatories and 30 parties already had ratified solar alliance.

Macron, who arrived in India Saturday on a three-day official visit, has pledged an extra €700 million ($861.5 million) for solar energy projects in developing nations. Taking a dig at US President Donald Trump, Macron said these nations continued their mission to promote solar energy even after "some countries decided just to leave the floor and leave the Paris agreement".

"Because they (solar mamas) decided it was good for them, for their children, their grandchildren", Mr Macron said.

For his part, Modi pointed out that India has started the world's largest renewable energy expansion program.

"We have to make sure that a better and more cost effective solar technology is available to all", Modi added.

He called for concessional financing at lower risk for solar projects and said regulatory aspects and standards should be developed to find solutions fast.