India will extend $1.4 billion line of credit to countries in the alliance. This comes even as India chases the world's largest renewable programme, targeting 175 gigawatts (GW, or 1,000 megawatts) of renewable power by 2022 against its current capacity of around 60 GW.
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. "I am happy to announce that to fill the gap of solar technology, India will start a solar technology mission with global focus, which will cover all government technical and educational institutions", Prime Minister Narendra Modi said, announcing the unprecedented investment. "We have to increase the share of solar in the energy mix", Mr. Modi said.
The awarded projects-including 22 utility-scale solar farms, three wind farms and one hydroelectric project-are expected to create more than 3,000 short- and long-term jobs, generate enough clean energy to power more than 430,000 homes and reduce carbon emissions by more than 1.6 million metric tons, the equivalent of taking almost 340,000 cars off the road.
The parties will mutually support the implementation of the NDBs and ISAs plans for solar energy development and deployment through technical assistance and knowledge transfer. We shall, therefore, lift every single one of them", the French President said, adding, "It is not enough to look at what governments are doing. He said the member countries of the ISA would ensure distribution of finance and expertise.