Government moots concessional financing of solar projects

The NDA government yesterday called for concessional financing and less-risky funds for solar projects to increase the share of solar power in the energy basket, provide cheaper electricity and reduce carbon emissions to fight climate change.

With French president Emmanuel Macron by his side at the founding conference of the India-initiated International Solar Alliance (ISA), Prime Minister Narendra Modi presented a 10-point action plan for the promotion of solar energy to meet the requirements of all nations.

The action plan includes increasing the share of electricity generated from photovoltaic cells in the energy mix, framing of regulations and standards and consultancy support for bankable solar projects.

Addressing the plenary session of the conference at which 23 heads of nations and 10 ministerial representatives were present in New Delhi, Prime Minister Modi said there should be a full ecosystem for availability and development of technology, economic resources, and development of storage technology, mass manufacturing and innovation.

''India has launched the ''world's biggest renewable energy programme with a target to generate 175 GW of electricity from renewable sources by 2022''. This would more than double the current renewable energy capacity and would be enough to overtake renewable expansion in the EU for the first time.

A three-page 'Delhi Solar Agenda' issued at the end of the conference stated that the ISA reiterated its commitment to the 2030 UN Agenda for Sustainable Development.

The agenda calls for eradication of poverty in all its forms and dimensions and the transformation of the world in which development and application of technology are climate-sensitive, resilient and respectful of biodiversity.

The Agenda emphasised that "our endeavour has the potential to achieve sustainability by generating growth, enhancing skills, creating jobs, unleashing entrepreneurship, fostering innovation and increasing incomes".

It acknowledged "the importance of access by women and youth to advance knowledge and solar energy technologies, especially in poorer communities, rural and remote areas"