Macron announces additional 700 mn euros for development of solar energy

French President Emmanuel Macron on Sunday announced an additional investment of 700 million euros for global solar energy generation by 2022 to reduce the use of fossil fuel and help combat climate change.

Speaking at the launch of the first International Solar Alliance (ISA) summit, Macron called for "joint duties" towards a "planet that we are sharing" and took a dig at his US counterpart Donald Trump who pulled out of the 2015 Paris climate deal.

Macron said the summit to revolutionize the use of the clean energy by generating over 1,000 GW of solar power by 2030 was an outcome of the Paris accord even as "some left the floor" but others decided to act and keep acting.

The French President co-chaired the summit with with Prime Minister Narendra Modi at the Rashtrapati Bhavan that was also attended by the heads of 23 nations and 10 ministerial representatives.

Opec calls on US shale oil producers to slash global supply, prop up prices

Opec's Secretary General Mohammed Barkindo on Tuesday called on US shale oil producers to help curtail global oil supply, warning extraordinary measures might be needed next year to sustain the rebalanced market in the medium to long term.

"We urge our friends, in the shale basins of North America to take this shared responsibility with all seriousness it deserves, as one of the key lessons learnt from the current unique supply-driven cycle," said Barkindo.
The comments by the Organisation of the Petroleum Exporting Countries official came during a speech delivered at a conference in New Delhi.

While Opec and some other producers, including Russia have cut supplies this year in order to prop up prices, US production has soared by almost 10 per cent this year, driven largely by shale drillers. Barkindo said he hoped that new producers, not just US shale drillers, would join production cuts.

On Monday, Saudi Arabia cut crude oil allocations for November by 560,000 barrels per day (bpd), in line with the kingdom's commitment to the Opec-led supply reduction pact.

Still, the top oil exporter plans to ship slightly above 7 million bpd next month, up from low levels during summer when domestic demand was at its peak.
READ MORE