AfDB signs deal to scale up solar energy development

  • AfDB signs deal to scale up solar energy development

AfDB signs deal to scale up solar energy development

To this end, the project initiators such as USA and China will mobilize $1, 000 billion by the same period.

Both parties agreed to cooperate on knowledge sharing and developing technology roadmaps for the promotion of solar energy, develop financing instruments to support solar energy deployment, and conduct studies and consultations to explore mobilization of concessional financing through trust funds or special funds administered by ADB.

Indeed, although countries in the southern hemisphere have significantly abundant solar resources (300 sunny days per year), they produce only 23% of solar electricity consumed worldwide. The leaders underlined their commitment to furthering and deepening concrete projects and programmes under the aegis of ISA to mobilise affordable financing for massive solar energy deployment.

On the platform, those countries will publish tenders and guarantees, with the expectation to secure private investors' participation, under the supervision of the World Bank.

The International Solar Alliance initiative was launched at the UN Climate Change Conference in Paris in November 2015 by Prime Minister Narendra Modi and former French President Francois Hollande.

The joint financial partnership seeks to inject $1,000 billion into solar energy by the year 2030. GE estimated that India could exhaust its proven resources within the next 25 years, but added that barely a quarter of the country's reserves have been explored.

Indian solar sector attracted over United States dollars 10 billion investment in 2017 as compared to USD 4 billion in the previous year, clean energy research firm Mercom Capital said today.

The goal is to develop 10,000 megawatts (MW) of solar power systems across the Sahel to provide electricity to 250 million people, 90 million of them, on off-grid systems.

Speaking alongside Indian Prime Minister Modi, French President Macron in his address said while the world has taken great strides in understanding the importance of solar energy, much needs to be done.

Speaking at New York University last week, New York State Governor Andrew Cuomo - joined by former Vice President Al Gore - announced the single-largest commitment to renewable energy by any USA state, which is worth $1.4 billion, and approved 26 large-scale renewable energy projects across New York.

GCF, based in Songdo, is a global fund created to support the efforts of developing countries to respond to the challenge of climate change.

Mr Macron is heading to Mirzapur where he will inaugurate a 100 MW solar power project on Monday. Around 1,18,600 solar panels have been set up in over 380 acres.