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.
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 ventures.
