Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

India and France Inaugurated “Solar Revolution” Alliance


March, 13 2018
watermark Economic news

France and India had a mutual agreement to launch an international "solar revolution" aimed to induce one terawatt of energy by the year 2030, which requires $1 trillion worth of funds. The International Solar Alliance (ISA) was introduced in Paris during the climate change convention last November 2015, it was headed by Indian Prime Minister Narendra Modi, who acts as the chief architect of the program, along with French President Francois Hollande.


The alliance is expected to have 121 member-countries, particularly, those areas around the Tropics of Cancer and Capricorn and near the "maximum solar intensity of over 300 days a year," as mentioned by a bureaucrat from the external affairs ministry of India.


The purpose of the ISA is to manage the large-scale deployment of solar energy among the involved countries, which further consists 73 percent of the world’s population through combining the demand for funding, innovation, and technology.


There are 62 countries that signed the framework agreement and 32 of it were officially validated, including Australia, Bangladesh, Cuba, France, Ghana, India, Papua New Guinea, Sudan, Sri Lanka, Togo, the United Arab Emirates and Venezuela. According to Macron, these regions would probably gain 138 gigawatts of solar power for the next five years.


Also, New Delhi had an announcement during the summit about the additional 27 solar projects for the Indian government among 15 countries. This involves Bangladesh, Chad, Congo, Ghana, Mali, Rwanda and Sri Lanka, with a calculated cost of $1.4 billion.


On Monday, Macron and Modi introduced the 100-megawatt solar power plant produced by French firm ENGIE in the Mirzapur district of Uttar Pradesh state, Northern India. It is a major step towards the 100 gigawatts electricity target in India by 2022.


France’s Macron acknowledged the efforts of India regarding the improvement of renewable energy capacity within a span of two years from  39GW to 63GW, while the solar energy also expanded to 140 percent.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.