India’s Union Minister for Power and New & Renewable Energy R.K. Singh met a French delegation recently to discuss collaboration for accelerating the global energy transition, powered by solar energy, under the institutional framework of the International Solar Alliance (ISA).
India is the President and France the Co-President of ISA.
The French delegation was led by Chrysoula Zacharopoulou, Minister of State for Development, Francophonie and International Partnerships.
Singh emphasized the need for the ISA to take up more solar energy projects, especially in Africa. He stressed on supporting energy transition in economically weak countries through green funds.
The two sides observed that almost half of the African continent does not have access to electricity. Noting that alongside energy transition, the focus has to be also on ensuring energy access as well, Singh spoke of the need to help the ISA forge ahead in this direction.
Singh emphasized the role of three funds: insurance for renewable energy projects, payment security mechanism, and debt financing. “Once established, these funds will grow, due to contributions and interest payments,” the minister told the French delegation.
Singh said that the ISA should set up a de-risking mechanism and should also tap more green funds to promote grid-scale solar energy projects in the African continent.
The two sides also took note of Kenya’s success in renewable energy and discussed the idea of holding an ISA conference in Kenya.
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