World Bank, ISA sign agreement for India’s solar-energy program
The World Bank (WB) Group has signed an agreement with the International Solar Alliance (ISA) to provide more than 1 billion dollars to support India’s solar initiatives.
The agreement was signed in the presence of World Bank Group President Jim Yong Kim, Union Finance Minister Arun Jaitley and Union Power Minister Piyush Goyal in New Delhi.
Under this agreement
- World Bank will support projects such as solar rooftop technology, infrastructure for solar parks, introducing innovative solar and hybrid technologies to market and transmission lines for solar-rich state.
- It will provide 625 million dollars to India’s grid-connected rooftop solar programme that will finance the installation of at least 400MW of solar photovoltaic installations.
- This programme will provide clean, renewable energy and reduce greenhouse gas (GHGs) emissions by displacing thermal generation.
- World Bank will also collaborate with the 121-member International Solar Alliance (ISA) to mobilise 1 trillion dollars in investments by 2030 to promote solar energy worldwide.
- For this purpose, World Bank will develop a roadmap to mobilise financing for development and deployment of affordable solar energy.
- It will also work with other multilateral development banks and financial institutions to develop financing instruments to support solar energy development.
About International Solar Alliance (ISA)
- ISA is India’s first international and inter-governmental organization comprising of 121 Countries. United Nations is its Strategic Partner.
- It was jointly launched by India and France in November 2015 during the United Nations climate change conference (COP21) in Paris.
- It has its headquarters in Gurgaon, India.
- It seeks to empower solar-rich countries located between the tropic of Cancer and tropic of Capricorn to make collaborative efforts to harness solar energy to generate the electricity.
- Three Objectives of ISA: (i) To force down prices by driving demand, (ii) To bring standardization in solar technologies and (iii) To foster research and development.
- It also seeks to improve access to energy and opportunities for better livelihoods in remote and rural areas and also to increase the standard of living.
Month: Current Affairs - July, 2016