Prime Minister Narendra Modi on Sunday called for concessional and less-risky finances to achieve the International Solar Alliance target of over 1,000 GW of solar power generation capacity and mobilisation of investment of over $1 trillion by 2030.

Speaking at the founding conference of the Gurugram-headquartered International Solar Alliance (ISA), Modi presented a 10-point action plan to make affordable solar technology available to all nations. The summit held here was co-hosted by French President Emmanuel Macron.

Modi said India would generate 175 GW of electricity from renewable sources including 100 GW from solar. This would be more than double the present renewable energy capacity and would be enough to overtake renewable energy expansion in the European Union for the first time.

Modi, the chief architect of ISA that seeks to bring together 121 nations, presented 10 action points to make affordable solar technology available to all nations. ISA is now a treaty-based inter-governmental organisation that was established following the Paris Declaration.

For achieving the ISA target of over 1,000 GW of solar generation capacity and mobilisation of investment of over $1 trillion by 2030, Modi called for concessional financing and less-risky funds being made available for such projects.

“We have to increase the share of solar power in energy mix. Also, innovation has to be encouraged so as to provide solutions to different needs. We have to provide concessional financing and less-risky funds for solar projects,” he said.

Regulatory aspects as well as standards have to be framed which will expedite adoption of solar solutions, Modi said, adding that consultancy support has to be development for putting up bankable solar projects in developing countries.

Emphasizing the need for inclusiveness, he said a vast network of centres of excellence has to be created. Solar energy policy has to be to looked at in totality for development so that it can contribute to achievement of sustainable development goals, he explained.

“We have to strengthen ISA Secretariat and make it more professional and rise above narrow private goals to make a collective effort for the betterment of the mankind,” Modi said.