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Need low-risk, concessional finance, Narendra Modi says in 10-point action plan

Solar power is answer to the world’s energy & climate crisis, assert world leaders

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PM Narendra Modi (front R) & French President Emmanuel Macron (front L) pose with world leaders & representatives at the ISA in New Delhi
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Stressing on the need for enhanced cooperation between countries to fight climate change, Prime Minister Narendra Modi listed out a ten-point action plan during his speech at the founding conference of International Solar Alliance (ISA), which included, among other things, the need to provide concessional and low-risk finance for solar energy projects. PM Modi said that it has to be ensured that a better quality and affordable solar technology is accessible to all nations.

"We have to increase the share of solar in our energy mix, we have to promote innovation to meet diverse demands and we will have to provide concessional and low-risk finance for solar projects," PM Modi said.

He added that there was a need to frame regulatory aspects and standards to expedite development and adoption of solar technology and solutions. "There is a need to develop consultancy support for bankable solar projects in developed countries and our efforts need more co-operation and inclusion," PM Modi said.

Stressing on inclusiveness, he said a vast network of centres of excellence has to be created. Solar energy policy has to be looked at in totality for development so that it can contribute to achievement of sustainable development goals (SDGs), he said. "We have to strengthen ISA Secretariat and make it more professional." Modi called for rising above narrow private goals to make collective effort for the betterment of the mankind.

The Prime Minister also sought to draw attention to the need for harnessing solar energy in times of climate crisis. "There are some countries where the sun shines through the year, but the lack of access to technology and resources is a hindrance in harnessing the sun's power. On the other hand, there are island nations whose very existence has been threatened due to climate change. Solar energy is used not only for energy production, but also for transport, clean cooking, solar pumps in farms," he said.

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