India gets $1 billion loan from World Bank for solar mission
The WoBank Group signed an agreement with the International Solar Alliance (ISA), consisting of 121 countries, led by India under which it has committed to provide USD 1 billion support to Indian solar energy projects.
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 :
- The World Bank-supported projects include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market and transmission lines for solar-rich states.
- The World Bank Group will also collaborate with the 121-member International Solar Alliance, headquartered in India, with the aim of attracting USD 1 trillion in investments by 2030 to promote solar energy worldwide.
- As part of the agreement with the ISA, the World Bank Group will develop a roadmap to mobilise financing for development and deployment of affordable solar energy, and also work with other multilateral development banks and financial institutions to develop financing instruments to support solar energy development.
What is International Solar Alliance (ISA) ?
ISA was launched at the UN Climate Change Conference in Paris on 30 November last year 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.
India already has ambitious targets of achieving renewable energy that it will generate more than 175GW of renewable energy capacity by 2022 and decrease emissions by 33 to 35 percent by 2030.
India will endorse clean energy, sustainable environment, public transport and climate adaptive agriculture through this initiative.