France has pledged to commit €700 million to the International Solar Alliance (ISA), also known as the ‘alliance of sunshine nations’ in support of its activities.
French President, Mr. Emmanuel Macron, said at the founding conference of ISA in New Delhi India, that the financial commitment was in furtherance of the country’s commitment to the alliance and clean energy.
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.
According to Reuters, 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.
It said Macron, travelled with a delegation of French companies including EDF, Dassault Aviation, Schneider Electric and Suez, to India, and will inaugurate a solar plant built by Engie in Uttar Pradesh.
ISA, however is an inter-governmental organization that aims to mobilize up to $1 trillion in funds for future solar generation, storage and technology across the world. It already has 60 signatories, with the agreement already ratified by 30 countries.
ISA was launched by Indian Prime Minister, Narendra Modi, in 2015, and looks to promote solar energy deployment and use in 121 countries.
It also aims to lower the cost of finance and spur investments across the solar energy supply chain, including in manufacturing, project development and storage.