Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

UK looks to calm Brexit fears at Farnborough Airshow

Read more

EYE ON AFRICA

Nigeria: Army denies reports of missing soldiers after Boko Haram attacks

Read more

FOCUS

Despite economic blockade and corruption scandals, Qatar prepares for its 2022 World Cup

Read more

ENCORE!

Beatmaker & singer Estère brings her musical melting pot to Afropunk Paris

Read more

THE OBSERVERS

Iran water shortages, street art in Yemen, and more

Read more

TALKING EUROPE

Maltese foreign minister: ‘We need to implement legal paths of migration into Europe’

Read more

BUSINESS DAILY

FIFA takes home revenue of over €5 billion from World Cup

Read more

IN THE PRESS

Les Bleus 2018: The new 'tsars' of world football

Read more

TALKING EUROPE

Eurogroup chief Centeno: ‘We need to an end what seems to be a trade war’

Read more

Business

France's Macron pledges €700 million for solar projects in developing countries

Video by Delano D’SOUZA

Text by NEWS WIRES

Latest update : 2018-03-11

French President Emmanuel Macron on Sunday pledged hundreds of millions of dollars for solar projects in developing countries, as world leaders met in India to promote greater investment in renewable energy.

Macron, who in December warned that the global shift to a green energy future was too slow, said France would extend an extra 700 million euros ($861.5 million) through loans and donations by 2022 for solar projects in emerging economies.

France had already committed $300 million euros to the initiative when it co-founded with India a global alliance in 2015 to unlock new cash for solar projects in sunny yet poor nations.

"We need to remove all obstacles and scale up," Macron said at the launch of the International Solar Alliance in New Delhi on Sunday.

Prime Minister Narendra Modi -- who has committed to reducing India's sizeable carbon footprint through a massive scale-up in renewable energy -- said it was vital that nations were not priced out.  

"We have to make sure that a better and cost effective solar technology is available to all," Modi told the gathering of investors and world leaders from about 20 mainly African nations.

"We will have to increase solar in our energy mix."

India aims to pioneer cheap solar

India, the world's third-largest polluter, is undergoing spectacular growth in its solar sector and is on track to become one of the world's largest clean energy markets.

It pledged at the Paris climate summit in 2015 to source at least 40 percent of its energy from renewables by 2030, mainly via solar.

The energy-hungry giant of 1.25 billion people is banking on solar to electrify homes for hundreds of millions of its poorest citizens without adding to its considerable emissions output.

Macron and Modi hope the alliance will spur $1 trillion in new solar spending by 2030 in 121 countries lacking investment in the sector.

These countries have "the paradox of being the sunniest in the world while enjoying the least solar energy," said Ségolène Royal, a former French minister in India as a special envoy for the alliance.

Macron told world leaders in Paris in December that "we are losing the battle" against climate change and urged faster action to combat global warming.

The French leader called on private sector attendees in New Delhi to engage more actively because "solar investments are becoming more profitable".

He and Modi will open a new 100 megawatt solar plant near the holy Indian city of Varanasi on Monday. The French leader will also visit the Taj Mahal in Agra later Sunday.

(AFP)

Date created : 2018-03-11

  • FRANCE - INDIA

    India, France sign security deal with China in mind

    Read more

  • IN THE FRENCH PAPERS

    'Abroad, clothes make the president!' Can Macron avoid wardrobe gaffes in India?

    Read more

  • TECH 24

    Energy Observer: An odyssey for the future

    Read more

COMMENT(S)