Come on board the solar alliance: Jaitley to multilateral banks

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Finance Minister Arun Jaitley on Thursday urged more multilateral banks and global entities to join hands with the International Solar Alliance.

Speaking at the signing of a Joint Financial Partnership Declaration between ISA and European Bank for Reconstruction and Development (EBRD), he noted the first financial partnership collaboration of ISA was with the World Bank.

“More multilateral and development banks should come forward and join hands with ISA to help fulfill the objectives of massive and affordable deployment of solar power among 121 ISA member countries,” he said according to a Finance Ministry release.

“The EBRD and ISA have agreed to strengthen cooperation in pursuit of their shared goal of mobilising green energy financing,” said the EBRD in a statement, adding that the joint declaration would promote solar energy in the countries where both organisations operate.

“ISA has taken a giant leap forward to mobilise international support for investment in the solar sector. It needs to firm-up such financial partnership deals with more Multilateral and Bilateral Donor Agencies in order to meet its stated objectives of getting better technology; aiding easier costing to improve affordability of solar energy,” Jaitley said.

The ISA was launched on November 30, 2015, during the COP21 UN Climate Change Conference in Paris, at the initiative of Prime Minister Narendra Modi and former French President François Hollande.

The first ISA summit will take place during French President Emmanuel Macron’s visit to India between December 8 and 10.

Jaitley also re-iterated India’s commitment to optimal use of our new and renewable sources of energy for its huge energy requirements.

Noting that the Prime Minister has committed for furthering the cause of New and Renewable Energy since the Paris COP21 UN Climate Change Conference, he noted that India has been in the forefront of the 42-nation International Solar Alliance (ISA).

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