France commits €300 million for solar energy

January 2016, National
In Brief:


French President Francois Hollande committed $325 million or Rs. 2,200 crore over the next five years for the global development of solar energy and said the real challenge was to attract investments worth a trillion dollars to promote the renewable source.

“The French Development Agency will allocate for the development of solar energy €300 million over the next five years,” Mr. Hollande said after inaugurating the interim Secretariat of the International Solar Alliance at Gurgaon, with Prime Minister Narendra Modi.
Through this solar alliance, the French President said, he would like to open a new chapter to help give countries with no resources other than the sun an opportunity to produce electricity for meeting the needs of most of their people.
The International Solar Alliance, envisaged to bring together 122 countries that lie wholly or partly between the Tropic of Cancer and the Tropic of Capricorn, is an initiative announced by Mr. Modi at the COP 21 Summit in Paris in November. The member countries are to be those that enjoy 300 or more days in a year of bright sunlight.
The Alliance, Mr. Hollande said, would focus on three broad areas. “First, it is about pooling together the requests of countries with a huge potential in order to reduce their cost of capital. Second, it is about opening the markets in order to reduce the cost of investment. Third, it is about transferring the necessary technology and know-how from developed to developing countries,” he said.

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