International Solar Alliance Cell and World Bank Signs
Declaration for Promoting Solar Energy
In a significant push for solar power,
the World Bank has signed an agreement with the International Solar Alliance
(ISA)—launched by Prime Minister Narendra Modi at the Paris climate summit last
year—to mobilize $1 trillion in investments by 2030. This agreement establishes
the World Bank group as a financial partner for the alliance.
As part of the agreement, the World Bank
Group will develop a roadmap to mobilize financing for development and
deployment of affordable solar energy, and work with other multilateral
development banks and financial institutions to develop financing instruments
to support solar energy development.
The projects now under preparation
include solar rooftop technology, infrastructure for solar parks, bringing
innovative solar and hybrid technologies to the market, and transmission lines
for solar-rich States.
The commitment includes an agreement for
a $ 625 million grid-connected rooftop solar programme for financing the
installation of at least 40 megawatts of solar photovoltaic installations.
Prime Minister Mr. Narendra Modi and
World Bank Group president Mr. Jim Yong Kim, who was on two-day trip to India,
discussed the emphasis the multilateral institution is laying on accelerating
India’s renewable energy push.
According to President of World Bank,
India had become a leader in implementing the promises made in Paris for COP21
and the efforts against global warming.
The World Bank Group president also
signed an agreement to be the financial partner for the International Solar
Alliance that aims to collaborate on increasing solar energy use around the
world, with the goal of mobilising $1 trillion in investments by 2030. The
Alliance, consisting of 121 countries, is led by India.
Prime Minister Modi, in an official
statement, expressed happiness at the World Bank’s continued support to India,
especially in priority areas like Smart Cities, Ganga Rejuvenation, Skill
Development, Swachh Bharat and Power for All.
Background:
·
ISA was launched at the UN Climate Change Conference
in Paris in 2015 by Modi and French President Francois Hollande.
·
The alliance, headquartered in India, aims to bring
together countries situated between the Tropics of Cancer and Capricorn which
receive abundant sunshine for around 300 days a year.
·
This alliance brings together developing and developed
countries to expand energy access, accelerate solar power deployment, and
stimulate economic development.
·
India will provide land and $30 million to form a
secretariat for the Alliance, and also support it for five years.
Among
the tasks that the Alliance would pursue are, cooperation in training, building
institutions, regulatory issues, common standards, and investment including
joint venturesIndia has also launched a tool named IESS 2047 (India Energy Security Scenarios 2047 calculator) which aims to explore the potential of future energy scenarios for India
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