New Delhi, June 14 (KNN) The Union Minister for Power and New & Renewable Energy of India R. K. Singh emphasized the need for the International Solar Alliance (ISA) to start more solar energy projects, especially in Africa.

During a meeting with Chrysoula Zacharopoulou, Minister of State for Development, Francophonie and International Partnerships, he said, “The economically strong countries will find the renewable energy funds themselves, while the economically weak countries would need green funds. We will have to help such countries who need funds.”

The Minister of State had come to call on the Union Minister, along with Emmanuel Lenain, Ambassador of France to India; Guillaume Pottier, Political Advisor to the Minister of State; and Pablo Ahumada, Political Counsellor, Embassy of France in India.

A key focus area of the discussion was collaboration for accelerating the global energy transition, powered by solar energy, especially under the institutional framework of the ISA, of which India is the President and France is the Co-President.

The two sides observed that almost half of the African continent does not have access to electricity. Noting that alongside energy transition, the focus has to be also on ensuring energy access as well.

They also observed that Africa does not have a problem of decarbonisation as access to electricity is very limited at present.

“In this scenario, getting access through solar energy is the cheapest and the simplest option,” said the Union Minister.

He further expressed the need for three funds which are insurance for renewable energy projects, payment security mechanism and arrangements for debt financing.

“Once established, these funds will grow, due to contributions and interest payments; in India too, our investment is coming because of a fund we set up as a payment security mechanism,” the Union Minister said.  

The two sides also took note of the success of Kenya in renewable energy and discussed the idea of holding a conference by ISA in Kenya.  (KNN Bureau)