PM calls for concessional financing of solar projects

Prime Minister Narendra Modi 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.

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 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 ISA’s major objectives include global deployment of over 1,000 GW of solar generation capacity and mobilisation of investment of over USD 1 trillion into solar energy by 2030.

Regulatory aspects as well as standards have to be framed which will expedite adoption of solar solutions, 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 centres 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 achievement of sustainable development goals (SDGs), he said.

“We have to strengthen ISA Secretariat and make it more professional.”


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