French Development Agency will commit $325 million for the global development of solar energy
French President Francois Hollande has announced that France’s Development Agency will invest some $325 million into the global solar energy sector over the next five years. According to Hollande, the investment is meant to bolster the global development of new solar power systems. The move is part of the International Solar Alliance, which aims to expand the use of solar energy in 122 countries that receive more than 300 days a year of sunlight.
International Solar Alliance aims to help countries embrace solar power
The International Solar Alliance was introduced by India’s Prime Minister, Narendra Modi, in November of last year. Modi saw an opportunity to promote the use of solar energy due to the focus that many countries had begun placing on climate change. India has been growing as a solar energy market over the past few years and the country intends to become more environmentally friendly by embracing this form of clean power. France has shown support for India’s efforts in regards to embracing renewable energy.
Investments could make the solar market more attractive
The investment from the French Development Agency may encourage other parties to invest in the global solar energy sector as well. President Hollande suggests that trillions in investments could be made, especially as the solar sector becomes more financially attractive. Over the past few years, the cost of photovoltaic technology has fallen, which has made it easier for those interested in clean power to make use of solar energy. This has lead to explosive growth in the solar market, creating new opportunities for investors and businesses interested in solar power.
Countries seek to cut emissions by embracing clean energy
Last year, several countries came together in an effort to combat climate change by reducing emissions. These countries formed the Paris Agreement following a summit hosted in France. To reduce emissions, some countries will be focusing on the adoption of clean power, with solar energy becoming a favored option. As such, the solar market is likely to see strong growth over the coming years.