January 10, 2019
India and France aim to establish an institutional relationship to boost technical cooperation on new and renewable energy
In March 2018, India and France jointly hosted the inaugural summit of the International Solar Alliance (ISA) in New Delhi
ISA has offered a broad plurilateral platform of over 120 nations to promote financing and development of solar energy
India had installed renewable power capacity of 71.3 GW as of June 2018, as part of a 175 GW capacity target for 2022
The Union Cabinet chaired by Prime Minister Shri Narendra Modi on January 10 approved a preliminary agreement between India and France on technical bilateral cooperation in the field of new and renewable energy. The agreement was first signed in October, 2018. Through the deal, India and France aim to establish the basis for institutional relationship to encourage and promote cooperation on new and renewable energy on the basis of mutual benefit, equality and reciprocity. The partnership will cover joint research working groups, pilot projects, capacity building programs, study tour, case studies and the sharing of experience/expertise.
In March 2018, India and France jointly hosted the inaugural summit of the International Solar Alliance (ISA) in New Delhi. ISA has offered a broad plurilateral platform of more than 120 partner nations to promote development of solar energy projects worldwide. The ISA aims to mobilise investment of over US$1 trillion from public and private sources that will help it instal more than 1,000 GW of solar capacity worldwide by 2030. In October, India also hosted the founding conference of the ISA. As a founding member, India has committed over US$24.5 million for the ISA and till date released a sum of over US$19 million for creating a corpus fund.
The ISA has put India in a leadership role in climate and renewable energy issues. India had installed renewable power capacity of 71.3 GW as of June 2018. This will contribute to India’s target of setting up renewable capacity of 175 GW by 2022, comprising 100 GW of solar, 60 GW wind, 10 GW biomass and 5 GW small hydro. At the current rate, India is ahead of schedule to meet the target, with steady flow of investment and the latest innovations from India and abroad boosting activity. Renewable power holds the key to meeting India’s fast-growing energy consumption rate, while opening up lucrative investment opportunities for foreign entities.