Monday 12 March 2018

France to commit €700m to solar energy group

France has said it will commit €700 million (£620m) of financing to an international organisation set up to mobilise $1 trillion (£720m) of solar energy funding.

On Sunday, President Emmanuel Macron announced he would step up funding to the International Solar Alliance (ISA), which works with governments and businesses across the world to develop and install solar generation and storage technologies.

The group currently has 60 signatories, with 30 of those countries having ratified the agreement.

President Macron said France would more than triple its commitment to the ISA, bringing its total financial contribution to the alliance up to €1 billion (£885m).

He added this money will help lower the cost of finance and spur investments across the solar energy supply chain, including in manufacturing, project development and storage.