France to commit €700 million to international solar power projects

France’s President Emmanuel Macron has revealed his government will commit €700 million in investment to the International Solar Alliance (ISA).

Macron broke the news in India at the inaugural conference for the inter-governmental organisation, which is reportedly aiming to mobilise US$1 trillion in funds for solar generation, storage and technology globally.

The conference also provided the opportunity for France and India to reaffirm their commitments to fighting climate change and push for greater deployment of solar power through the ISA, which was established by both nations during the Paris Climate Conference (COP21) in 2015.

In a joint statement, the nations committed to fully implement the Paris Agreement at the COP24, with Macron thanking the India’s Prime Minister Narendra Modi for his support in the initiative to work on a global pact for the environment.

“India, which is being viewed as a key player in tapping solar energy, has pledged to generate 175GW of electricity in India from renewable energy sources by 2022,” said Modi during his address at the summit.

France’s latest financial backing triples the its earlier statements of commitment, with the total contribution to the ISA from the European nation reportedly reaching €1 billion.

ISA has targeted 121 sun-rich countries situated between the Tropics of Cancer and Capricorn, and its framework agreement has been signed by 58 countries.