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Global business leaders laud Modi's solar alliance move

 2015-12-01 10:57:36.0

modi-at-g20-summit_650x400_41447595200New Delhi : The grand solar alliance announced jointly by Prime Minister Narendra Modi and French President Francois Hollande at the UN Climate Change Conference evoked widspread praise from all stakeholders, who felt the issue of funding, too, has to be addressed to make this green initiative a success.

"Accelerating the development of solar power will spur the creation of new jobs and significant economic development as well as helping those in areas that are still lacking access to electricity," said Tata Group chairman Cyrus Mistry in a statement.

The stakeholders felt the solar alliance can be a platform to scale up access to energy in developing countries, but they also raised the issue of funding.

Tim Buckley, the director of energy finance studies at Institute for Energy Economics and Financial Analysis, said till now most of the foreign investments have come into India from private sources.

"Only around $0.5 billion has come in through official channels, multi-lateral and bi-lateral financing agencies. Enhancement from this channel will boost the efforts of private enterprise, and the adoption of green power in India," Buckley said.

Energy experts expressed the view that the solar alliance has the potential to establish business innovations in climate change.

Bringing nations with high solar resources together can unlock the potential of renewable energy to light billions of lives, said the founder and CEO of Yes Bank, Rana Kapoor. He added that the 21st Conference of the Parties (CoP 21) has the "potential to strengthen partnerships and establish business innovations in climate change".

The International Solar Alliance will be a platform for the sunshine countries across the globe to scale up access to energy and reduce our dependence on fossil fuels, said Vineet Mittal, vice president of Welspun Renewables.

"Scaling up renewable energy in India is undoubtedly one of the key steps to ensure the world stays on track to avoid the dangerous consequences of an increased climate change," said Ramadas Kamath, executive vice president of Infosys.

International Solar Alliance is the evidence that the world is acknowledging renewable means, Kamath added.

Another energy expert, Jennifer Morgan, who is global director, climate program of the World Resources Institute, said: "This bold effort could bring affordable solar power to tropical villages and communities worldwide."

Modi launched an alliance of some 120-odd nations in Paris on Monday to harness solar energy better, and asked the rich nations to shoulder their responsibilities in protecting the environment.

"This is an alliance that brings together the developed and developing countries, governments and industries, laboratories and institutions in a common enterprise," he said, offering to host this initiative in India, providing the requisite land and also making a contribution of $30 million for the proposed secretariat.(IANS)

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