India commits $1.4 billion for solar energy worldwide

Carrie Guzman
March 14, 2018

By the end of 2017, it had almost 7 times that, or 20 GW, according to industry tracker Bridge to India, a renewable energy consultancy.

"The imposition of any additional duties would make solar more expensive and potentially scare away financially strapped distribution companies who are looking to procure the cheapest power generation source available", Mercom said.

"We have to increase the share of solar in the energy mix", Mr. Modi said.

A report from General Electric, which has operations in both renewable and conventional energy resources, said the Indian government has ambitious plans to boost oil and gas production, but has fallen short of its goals in the past.

A party to the multilateral Paris climate agreement, India has set a goal of reducing its emissions by about 20 percent below 2005 levels by 2020.

New York State Governor Andrew Cuomo announced approval last week for 26 large-scale renewable energy projects, including 22 solar projects worth 647 megawatts (MW) and 733.58 MW worth of wind energy.

On 11 March 2018, the two leaders co-hosted the Founding Summit of the International Solar Alliance (ISA) in New Delhi.

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But what the renewable energy future holds for the South Asian giant will be critical for the world, climate change experts say.

Unsurprisingly, numerous other coastal states raised their hands as well, publicly wondering whether exemptions would be as easily acquired by Blue states. "In India, the sun was thought of as the nurturer of all life", Modi said at the launch of the International Solar Alliance (ISA).

Tripathy added: "While solar is fast becoming one of the most cost-effective ways to generate new power and deliver energy access, to deploy fast enough, complementarity must exist between our work and the broader renewable energy mandate and development tools established by Irena". France will provide €700 million in loans and support by 2022 to emerging economies for solar energy projects.

The conference is being attended by heads of 23 nations and 10 ministerial representatives of different countries, besides heads of UN dignitaries, presidents of multilateral development banks, heads of global funds and financial institutions and energy-related institutions.

Prime Minister Narendra Modi President Macron will jointly inaugurate a solar plant in Mirzapur district of Uttar Pradesh today.

The report noted that there were no corporate M&A deals in solar during 2017.

ISA member countries undertake to amalgamate and harmonise their requests for finance, technologies and innovation to create a common market in order to lower costs, strengthen quality control, better adapt products to needs and improve technologies.

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