Madhya Pradesh government has inked a pact with IFC, member of the World Bank Group, to set up the world’s largest solar energy plant with a capacity of 750 MW.

The Rewa Ultra-Mega Solar Power Project will be set up in Gurh tehsil of Rewa district over an area of 1,500 hectares at an estimated cost of Rs 4,500 crore.

The project will be the largest single-site solar power project in the world, a release said.

The Memorandum of Understanding (MoU) was signed between Madhya Pradesh Renewable Energy Development Corporation and IFC.

“Successful implementation of the Rewa Ultra-Mega Power project will be a key milestone for Madhya Pradesh’s outstanding efforts and leadership in renewable energy and the Centre’s remarkable vision on solar power,” the state’s Energy Minister Rajendra Shukla said.

IFC, which is working with the Union government to assist in meeting its large-scale solar energy generation goals, is also supporting the state government for the project.

Moreover, IFC will extend its global expertise to structure and implement the transaction to help attract private investments of about USD 750 million.

Madhya Pradesh Urja Vika Nigam Limited (MPUVN) and the Solar Energy Corporation of India have created a joint venture company — Rewa Ultra-Mega Solar Power Limited — to implement the project.

“With this project, India can demonstrate to the world that innovative business models and partnerships to build scale can help achieve challenging goals.

“IFC is privileged to be part of India’s and Madhya Pradesh’s determined approach to build a sustainable future,” IFC’s Regional Director for South Asia Mengistu Alemayehu said.

French President Francois Hollande pledged Monday to redefine France’s business model and declared what he called “a state of economic and social emergency,” unveiling a 2-billion-euro ($2.2 billion) plan to revive hiring and catch up with a fast-moving world economy.

The measures he proposed, however, are relatively modest, and he said they would not “put into question” the 35-hour workweek. With his country under a state of emergency since extremist attacks in November, Hollande did not seek to assume any new emergency powers over the economy.

In an annual speech to business leaders, Hollande laid out plans for training half a million jobless workers, greater use of apprenticeships, and aid for companies that hire young workers.

Hollande’s Socialist government has struggled to boost long-stagnant French growth or reduce chronic unemployment, which has been around 10 percent for years. His chances of winning a potential second term may hinge on whether jobs pick up before next year’s presidential vote.

Hollande stressed the urgency of updating France’s labor-friendly business model in an increasingly border-free, online economy. The measures included a loosening of France’s rigid working time rules, and a bonus of 2,000 euros to small businesses that hire young people.

He stressed the need to integrate youth from France’s troubled suburbs, including minorities who face job discrimination, into the global economy. High unemployment in France’s North African and African communities is seen as one of the factors driving some youths to violent extremism or the drug trade.

Some measures will be included in draft economic reform laws the government is presenting to parliament in the coming weeks.

The IMF reports:  In 2015, global economic activity remained subdued. Growth in emerging market and developing economies – while still accounting for over 70 percent of global growth – declined for the fifth consecutive year, while a modest recovery continued in advanced economies. Three key transitions continue to influence the global outlook: (1) the gradual slowdown and rebalancing of economic activity in China away from investment and manufacturing toward consumption and services, (2) lower prices for energy and other commodities, and (3) a gradual tightening in monetary policy in the United States in the context of a resilient U.S. recovery as several other major advanced economy central banks continue to ease monetary policy.

Simon Kennedy and Matthew Simon write:  As the chattering chieftains of the global economy gather this week in Davos, Switzerland, they’re facing the darkest outlook since the financial crisis tipped the world into recession seven years ago.

The Chinese slowdown and accompanying slide in the yuan are imperiling already sluggish international growth, oil is trading at its lowest level in more than a decade, stocks have suffered their worst January ever, and the prospects for corporate earnings are the most pessimistic in years.

Economic frustrations have driven the rise of populists in the U.S. and France while sowing doubts about the longevity of German Chancellor Angela Merkel and Britain’s membership in the European Union.

China has confirmed its weakest quarter since 2009 and its slowest annual growth since 1990. The International Monetary Fund, meanwhile, cut its estimate for expansion in the world economy this year to 3.4 percent from 3.6 percent.

Meantime, the International Labor Organization predicted that global unemployment will climb this year by almost 2.3 million to 199.4 million, led by emerging markets. PriceWaterhouseCoopers LLC said only about a third of chief executive officers it polled were “very confident” about their companies’ growth prospects.

Also causing some concern is the Federal Reserve’s decision to raise interest rates last month for the first time in nine years even with tame inflation. That’s pushed up the dollar, hurting those emerging markets that boosted borrowing in greenbacks when rates were at rock-bottom.

In developed countries, there is a sense of frustration as once-robust middle classes fall ever further behind the have-lots. The charity Oxfam said on Monday that the richest 1 percent of people on Earth now control more wealth than the rest of the world’s population combined.

Political activity  in the US, the world’s largest economy, which large companies and investors have relied on to drive growth as Europe stagnates and emerging markets underperform is unnerving.

Human rights organisation Amnesty has accused Apple, Samsung and Sony, among others, of failing to do basic checks to ensure minerals used in their products are not mined by children.  In a report into cobalt mining in the Democratic Republic of the Congo, it found children as young as seven working in dangerous conditions.

Cobalt is a a vital component of lithium-ion batteries.  The firms said that they had a zero tolerance policy towards child labour.

The DRC produces at least 50% of the world’s cobalt. Miners working in the area face long-term health problems and the risk of fatal accidents, according to Amnesty.

It claimed that at least 80 miners had died underground in southern DRC between September 2014 and December 2015.

It also collected the testimonies of children who allegedly work in the mines.

Paul, a 14-year-old orphan, started mining when he was 12 and told researchers: “I would spend 24 hours down in the tunnels. I arrived in the morning and would leave the following morning … I had to relieve myself down in the tunnels … My foster mother planned to send me to school, but my foster father was against it, he exploited me by making me work in the mine.”

In response to the report, Apple said: “Underage labour is never tolerated in our supply chain and we are proud to have led the industry in pioneering new safeguards.”

Developing energy alternatives an entrepreneurial opportunity, but financing remains elusive.

The need for more innovation in energy was one of the strongest points of agreement at the Paris talks. Some have suggested that the most important news to come out of the conference was not the final accord, signed with great fanfare by the governments of 195 countries, but the commitments made by governments and wealthy individuals to research and develop technologies that can help the climate.  Energy innovation is a concept that has become almost universally popular — among all from the most traditional of oil companies to the most radical of environmental groups.  For all the rising enthusiasm, though, investing in innovation remains a hazardous and uncertain business in energy, as in other industries.  

industry executives predict that in ten years’ time photovoltaic (PV) solar could be competitive without subsidy even in cold and grey northern Europe, through continued improvements in the existing technologies.