The government of France will be committing €700 million in investment to the International Solar Alliance (ISA), the country’s president Emmanuel Macron has revealed.
The reveal was made by President Macron at the inaugural conference for the (relatively) new organization on Sunday, in India.
The new inter-governmental organization dubbed the ISA is reportedly aiming to “mobilize $1 trillion in funds for future solar generation, storage, and technology across the world. It has 60 signatories, with 30 of those countries having ratified the agreement. The treaty-based organization, launched by Indian Prime Minister Narendra Modi in 2015, aims to promote solar energy in 121 countries,” as reported by Reuters.
The €700 million commitment by France represents roughly a tripling of the country’s earlier statements of commitment. The country’s total contribution to the ISA is reportedly slated to represent €1 billion.
Continuing: “Other than leaders from member countries, the event was attended by leaders from major development banks such as the Asian Development Bank and African Development Bank who are expected to sign solar energy-related agreements. The organization’s main goal is to lower the cost of finance and spur investments across the supply chain, including in manufacturing, project development, and storage, Upendra Tripathy, director general of ISA, told Reuters ahead of the conference on Friday.”
The announcements by the French president came as part of a 4-day tour of the region, involving a delegation including reps from EDF, Suez, Schneider Electric, and Dassault Aviation.