India and France have launched a programm with $1 trillion potential to help developing countries harness fully their solar resources for a clean energy future to meet the “biggest challenge humanity has ever faced”.
Power minister Piyush Goyal and French environment minister Segolene Royal announced on Friday the solar finance programme that aims to lower the cost of finance and facilitate the flow of more than $1 trillion investment to members of the International Solar Alliance (ISA).
A second programme they launched at the ISA meeting held during the signing ceremonies for the Paris Climate Change Agreement here aims to make available solar technology for farmers. The meeting was attended by representatives of over 25 countries including the US, Brazil, Bangladesh and Nigeria.
Goyal said the ISA initiatives were in “response to probably the world’s largest challenge humanity has ever faced”.
Beyond providing clean energy and dealing with climate change, the harnessing of solar energy was also about energy security, he said.
Royal said: “I would like to emphasise the cooperation we have had with India, which is exceptional.”
“We will have to leverage our energies on (building solar) infrastructure,” she said. The ISA member nations can count on France and India to scale up the programmes for the “energy of the future”, she added.
Goyal said he was confident that the programme will ensure flow of affordable finance for solar projects and serve the interests of the farming communities in the ISA member countries.