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How to rise to this challenge? Renewables can only replace fossil fuel generation if they are more competitive and on a level playing field. The solar industry has now reached a critical size and maturity, allowing major improvements in the development and financing process. While for most other technologies the cost of electricity production depends on three main parameters: the investment cost, the cost of capital and the cost of fuel – solar, like most other renewables, is only determined by the first two. With no fuel required, the costs are essentially concentrated at the beginning of a project. And as solar photovoltaic technology is very capital intensive, the cost of capital has a considerable influence on the cost of solar-powered electricity. All countries enjoying sufficient solar resources should benefit from a comparable level of price, making the choice of solar energy a rational decision everywhere. Yet this has not been the case, because of two main reasons. On the one hand, systemic constraints arising from inefficient regulations, and market practices negatively affect the cost drivers. On the other hand, the lack of adapted mitigation tools on macro-economic risks prevent most of the countries from accessing important affordable private capital.A SHIFT OF PARADIGMSolar power generation is no longer a technology issue but a financial and legal one, which makes it inherently solvable – should everyone join forces to tackle it.COP22 should clearly set as its number 1 priority the goal to reach a ‘new equilibrium below US$30/MWh’ everywhere by mobilizing private finance, in order to reduce the cost of solar power as fast as possible in as many economies as possible.To that end, all necessary steps should be taken to streamline capital expenditure and reduce the cost of capital through simple and efficient levelized cost of energy (LCOE) driven by local regulations, simplification and adaptation of market contractual practices and management of residual macro-economic risks.Since its foundation in November 2015, a great deal has been achieved by TWI on addressing regulation issues – together with the International Solar Alliance (launch of the Affordable Finance at Scale programme), and contractual issues – together with the International Renewable Energy Agency (launch of the Solar Energy Standardization Initiative). This work clearly needs to be continued and even accelerated. But the urgency is clearly now on addressing the macro-economic risks (especially counterparty, and long term forex), should we wish to give birth to a global solar power market.CRACKING CLIMATE FINANCEParties have decided to make the next COP in Marrakech a ‘COP of Action’, particularly dedicated to the implementation of the Paris Agreement in emerging countries. To us, members of TWI, energy access must be at the core of our leaders’ attention in November, as a vital and complementary issue to greenhouse gas emissions reduction. If the COP22 had to result in a single decision in the energy sector, it would be to commit the Green Climate Fund to design and finance solar mitigation tools.Providing access to affordable, reliable, sustainable and modern energy for all is for our hands to grasp. It is time to create the right conditions for the private sector to deliver such a promise. ■ABOUT THE AUTHORIsabelle Kocher is currently Chief Executive Officer of ENGIE (previously GDF-Suez). She joined the Suez Company in 2002 (then GDF-Suez, now ENGIE) and held functional and operational positions for 12 years. Earlier in her career, Ms Kocher worked for various government bodies in Paris, including as an industrial affairs advisor to the Prime Minister’s office.She is also Chairperson of the Terrawatt Initiative, a global non-profit organization gathering private actors, designed to promote the production of affordable solar energy across the globe. It is an operational initiative dedicated to preparing concrete tools and platforms in order to make large scale solar development a reality. Terrawatt Initiative is organizing the ‘Solar Generations Day’ in 2017 to raise public awareness on this issue. Pictured: Isabelle KocherSUSTAINABLE ENERGY 053