NEW DELHI, March 11 (Xinhua) -- The founding conference of International Solar Alliance (ISA) was co- hosted Sunday by Indian Prime Minister Narendra Modi and visiting French President Emmanuel Macron in New Delhi, officials said.

The summit is underway at Rashtrapati Bhavan, the official residence of President of India.

India, which is being viewed as a key player in tapping solar energy, has pledged to generate 175 gigawatts (GW) of electricity in India from renewable energy sources by 2022, said Modi during his address at the summit.

Modi presented a 10-point action plan that includes making affordable solar technology available to all nations, raising the share of electricity generated from photovoltaic cells in the energy mix and framing regulations and standards to support the initiative.

"We have to provide concessional financing and less-risky funds for solar projects," he said.

Macron in his address said while the world has taken great strides in understanding the importance of solar energy, much needs to be done.

France is the only developed economy to support the ISA.

During the day-long conference of the ISA finance mechanism for the promotion of solar energy, crowd-funding and technology transfer is being deliberated upon.

The conference is being attended by heads of 23 nations and 10 ministerial representatives of different countries, besides heads of UN dignitaries, presidents of multilateral development banks, heads of global funds and financial institutions and energy-related institutions.