Federation of Indian Chambers of Commerce and Industry (FICCI), President Harshavardhan Neotia and Gérard Mestrallet, Chaiman and CEO of Engie, founding member of Terrawatt Initiative, have executed a Memorandum of Understanding for a global common market of affordable solar power today at Federation House in Delhi, on the sidelines of the visit of President of the Republic of France, in presence of Finance Minister of France. Michel Sapin.
The Joint Initiative acknowledged that:solar photovoltaic is now the most competitive power generation technology and it can achieve the climate and development capacity building goals implied by the Paris Agreement and the Sustainable Development Goals and provide to an ever larger share of Mankind, clean and affordable power but it implies a volume and speed of development and a flow of affordable capital which are not achievable under the current market and regulatory frameworks;
Terrawatt Initiative is developing with its partners, in particular IRENA, the guidelines for a new market and regulatory global framework to engage with governments and achieve the necessary solar massive scale-up as soon as possible in the most efficient way.
The International Solar Alliance, launched on the 30 November 2015 by Prime Minister Narendra Modi and François Hollande, President of France, at the opening of the Climate Conference (COP21) in Paris, can become one of the key political instruments of the implementation of the Paris Agreement and the appropriate forum to discuss, agree and implement the most needed at scale market and framework for solar energy.
FICCI and Terrawatt Initiative jointly declared their intention to cooperate on the 1. Expansion of the RE-Invest concept in other International Solar Alliance (ISA) member countries and regions and in particular in Africa; 2. Market and framework design in order to integrate the vision of the Indian businesses and 3. Joint interaction with the ISA as well as with the Indian and French governments about the necessary programs of the ISA dedicated to reduction of the cost of financing, including standardization, aggregation, de-risking, rating and securitization.
This unprecedented agreement was later in the day presented at Hyderabad House, to François Hollande, President of France, and Modi.
“The International Solar Alliance (ISA) is a great platform for countries to work together and specifically provide a significant potential for private sector collaboration among the member countries of ISA”, said Neotia.
“FICCI is looking forward to contributing to the objective of ISA and the FICCI-TWI cooperation will ass tremendous synergies in this direction,” he added.
“Countries have an opportunity to benefit from abundant and affordable solar power, and reap these benefits,” said Gérard Mestrallet. “We look forward to cooperating with FICCI, to facilitate the financing of solar energy projects through appropriate instruments and vehicles, as well as innovative events and communication and so promote a common market of affordable solar power at global level” he added.
Terrawatt Initiative is a global non-profit organization based in Paris that aims at promoting competitive mass solar as a decisive tool to address power needs, sustainable development goals and climate change. It also aims at representing leading private sector stakeholders (belonging to the solar industry, financial industry, energy leaders and large consumers) in the dialogue with the Governments and International Organizations to achieve at scale design and fast implementation of a global common market of affordable solar power.