Prime Minister Narendra Modi along with French President Francois Hollande on Monday launched the International Solar Alliance and pledged India's assistance of $30 million for the initiative that brings together developed and developing countries.
Modi also announced that India will host the initiative in the premises of the National Institute of Solar Energy in Gurgaon, Haryana.
He said that India will provide land and contribute about $30 million to build the Secretariat infrastructure.
"We will support operations for five years, and together we will raise long terms funds to achieve our goals," Modi said.
"This is an alliance that brings together developed and developing countries, governments and industries, laboratories and institutions in a common enterprise," he said at the launch of the International Solar Alliance.
"This day is the sunrise of new hope - not just for clean energy, but for villages and homes still in darkness; and for our mornings and evenings filled with a clear view of the glory of the sun," the Prime Minister said of the launch of the initiative supported by over 100 countries.
Modi said that as the developing world lifts billions of people into prosperity, the hope for a sustainable planet rests on a bold global initiative.
He stated that advanced countries need to leave enough carbon space for developing countries to grow. "That is natural climate justice," Modi asserted.
Hollande lauded Prime Minister Modi's initiative as a paradigm shift.
Modi said, "To my long cherished dream of International Solar Alliance, President Hollande responded with immediate support."
UN Secretary General also hailed Modi's initiative saying, "I welcome the initiative of PM @narendramodi. The @UN will work to make it a success."
To highlight the importance of solar energy, Modi said that in Indian tradition, Sun is the source of all forms of energy.
"As Rig Veda says, Sun God is the soul of all beings, moving and non-moving. Many in India begin their day with a prayer to the Sun," he said.
"Today, when the energy sources and excesses of our industrial age have put our planet in peril, the world must turn to Sun to power our future," he added.
Modi highlighted that India has a capacity of 4GW and has set a target of adding 100 GW of solar power by 2022. "By the end of next year, we would have added 12 GW," he said.
The idea of solar alliance was mooted by Modi during the the India-Africa Forum Summit last month.
Noting that energy sources and "excesses" of industrial age have put the planet in peril, Modi said the world must turn to sun to power the future.