Total joins solar-promoting Terrawatt Initiative

Apr 23, 2016 00:42 CEST by Plamena Tisheva

April 22 – French energy major Total SA (EPA:FP) today said it has joined the Terrawatt Initiative as a founding member.

The initiative is a global non-profit organisation that aims to represent private sector solar stakeholders in their dialogue with governments and international organisations and to promote global solar deployment with a goal of more than 1 TW by 2030.

Total is involved in the solar energy sector through its subsidiary SunPower Corp (NASDAQ:SPWR) based in the USA.

“Our ambition is to become the responsible energy major, in particular by contributing to the development of renewable energies. We believe that solar energy is one of the solutions to meet growing electricity demand, especially in Africa, and tackle climate change,” said Total chairman and chief executive Patrick Pouyanne.

The Terrawatt Initiative was announced by French utility Engie (EPA:ENGI) at the COP21 climate summit in Paris last year in response to the launch of the International Solar Alliance (ISA) there by France’s president Francois Hollande and India’s prime minister Narendra Modi. It plans to work in particular with the ISA, whose 120 member countries are looking to rapidly adopt affordable solar. It also intends to cooperate with the International Renewable Energy Agency (IRENA).

Separately, on Thursday it was announced that the Terrawatt Initiative and the Climate Bonds Initiative have created a partnership to help speed up financing of solar energy.

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