AfDB, ISA to boost solar energy development in Africa

Rooftop solar energy systems getting larger as households tempted by falling prices and increased capacity

Falling prices and increased capacity are encouraging households to install larger rooftop solar systems. Image Pixabay

New Development Bank and International Solar Alliance have joined hands to promote solar energy across the globe.

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.

New York Governor Andrew Cuomo recently announced $1.4 billion in funding for 26 large-scale renewable energy projects across the state, the single largest commitment to renewable energy by a state in US history.

The Founding Conference was co-chaired by Mr. Modi and French President Emmanuel Macron.

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Modi, the chief architect of ISA that seeks to bring together 121 nations, presented 10 action points to make affordable solar technology available to all nations.

Earlier this year during the Future World Energy Summit 2018 in Abu Dhabi, the YES Bank committed financing solar projects of up to $5 billion by 2030.

Prime Minister Narendra Modi on Sunday called for concessional and less-risky finances to achieve the International Solar Alliance target of over 1,000 GW of solar power generation capacity and mobilisation of investment of over $1 trillion by 2030. Mr. Macron, while pointing to the withdrawal of the USA from the Paris Agreement on climate change, praised those who stayed the course to support the solar power on a global scale.

"Responsibly developing our energy resources on the Outer Continental Shelf in a safe and well-regulated way is important to our economy and energy security, and it provides billions of dollars to fund the conservation of our coastlines, public lands and parks", said Secretary Zinke at the time.

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"We know the hurdles".

Working with partners to develop 10,000 MW of solar power systems across the Sahel, the initiative is expected to provide electricity to 250 million people, with 90 million of these being on off-grid systems.

The Bank and ISA will jointly support technical assistance and knowledge transfer for solar development and deployment in sun-shine rich African countries.

The joint declaration recognizes the Bank's New Deal on Energy for Africa, its energy policy and its leadership in working with governments, the private sector, and bilateral and multilateral energy sector initiatives to develop a Transformative Partnership on Energy for Africa.

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