France will commit millions to International Solar AllianceSheetal Sukhija - Monday 12th March, 2018
PARIS, France - The French President Emmanuel Macron reaffirmed the commitment of his country to the International Solar Alliance and clean energy on Sunday.
At the founding conference of the organization, Macron said that France will commit 700 million euros to the International Solar Alliance (ISA).
ISA, which is an inter-governmental organization that aims to mobilize $1 trillion in funds for future solar generation, storage and technology across the world, has 60 signatories, with 30 of those countries having ratified the agreement.
The organization was launched by Indian Prime Minister Narendra Modi in 2015 and aims to promote solar energy in 121 countries.
On Sunday, addressing the conference, 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.
The event was attended by leaders from member countries and leaders from major development banks such as the Asian Development Bank and African Development Bank who are expected to sign solar energy-related agreements.
Upendra Tripathy, director general of ISA, said, “ISA aims at lowering the cost of finance and spurring investments across the supply chain, including in manufacturing, project development and storage.”