Indian Prime Minister Narendra Modi along with French President Francois Hollande unveiled an international solar alliance of over 120 nations on Monday at the Paris conference on climate change. Modi noted that embracing clean energy is the only way to revert the looming danger posed by the fossil fuel.

“Solar technology is evolving, costs are coming down and grid connectivity is improving,” he said. “The dream of universal access to clean energy is becoming more real. This will be the foundation of the new economy of the new century.”

The new body of alliance has invited all countries that are located between the Tropic of Cancer and the Tropic of Capricorn to unite. It will function from the National Institute of National Institute of Solar Energy in India. The Indian government will also provide land and US$30 million (approx. AU$42 million) for constituting a secretariat for the Alliance, announced Modi at the meet.

The alliance has been described by Modi as “the sunrise of new hope.”

Though most of the signatories of the alliance hail from the tropics, a few European countries including France have also taken part in the alliance. Hollande described the alliance as climate justice in action, which will derive financing from richer states to allow universal energy access.

“What we are putting in place is an avant garde of countries that believe in renewable energies,” he told a press conference in Paris. “What we are showing here is an illustration of the future Paris accord, as this initiative gives meaning to sharing technology and mobilising financial resources in an example of what we wish to do in the course of the climate conference.”

The companies that will be involved in the project are Areva, Engie, Enel, HSBC France and Tata Steel, the Guardian reports.

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