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International Solar Alliance Cell and World Bank Signed Declaration for Promoting Solar Energy

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Under the Ministry of New and Renewable Energy, International Solar Alliance signed agreement with United States based World Bank for promoting solar energy globally

World Bank President Jim Yong Kim is being invited to attend the meeting to sign declaration to boost solar energy globally

Purpose:  To boost solar energy worldwideWorld Bank

Promoted by: The Interim Administrative Cell of the International Solar Alliance (ISA Cell) & the World Bank

Agreements signed by:              

  • Jim Yung Kim, President, World Bank
  • Upendra Tripathy, Secretary, Ministry of New and Renewable Energy Chairperson, ISA cell
  • Onno Ruhl, India Country Director
  • Arun Jaitley, Union Finance Minister
  • Piyush Goyal, Minister of State (IC) for Power, Coal and New & Renewable Energy

Benefits of the Joint Declaration:

Activating mobilization of finance for solar energy

Major role in mobilizing more than US $ 1000 billion in investments by 2030

To achieve International Solar Alliance aims for the deployment of solar energy at affordable rate

 Features of a programme:

  • Providing a platform to activate financing
  • Developing financing instruments including credit enhancement, reduce hedging costs/ currency risk, bond raising in locally denominated currencies
  • Providing support alliance goals for solar energy vide technical assistance and knowledge sharing
  • Working on activation of concessional financing through existing and future trust funds
  • Supporting RE-INVEST events and decided in work in other areas

Features of International Solar Alliance

  1. Two programmes have been launched
  2. Affordable finance at scale
  3. Scaling solar applications for agricultural use
  4. USA, UK and EU have revealed interest in developing programmes
  5. Interim Administrative Cell of International Solar Alliance (ISA Cell) and the UNDP have joined hands for promoting ISA objectives in 121 prospective ISA member countries

D. Establishment of 24×7 knowledge centre is under way with the help of UNDP and NIC, Government of India