International Solar Alliance Cell and World Bank Sign Declaration for Promoting Solar Energy
On the occasion of the visit of the World Bank President to India, the Interim Administrative Cell of the International Solar Alliance (ISA Cell) and the World Bank declared their intention to promote solar energy globally. The declaration was signed and exchanged by Shri Upendra Tripathy, Secretary, Ministry of New and Renewable Energy and Chairperson, ISA cell; and Mr Onno Rühl, India Country Director, the World Bank in the presence of Shri Arun Jaitley Union Finance Minister; Shri Piyush Goyal, Minister of State (IC) for Power, Coal and New & Renewable Energy; and Dr Jim Yung Kim, President, the World Bank. The Joint Declaration by the ISA cell and the World Bank will help in accelerating mobilization of finance for solar energy, and the Bank will have a major role in mobilizing more than $1,000 billion in investments that will be needed by 2030, to meet ISA’s goals for the massive deployment of affordable solar energy.
The major areas identified for working jointly include: developing a roadmap to mobilize financing; developing financing instruments including credit enhancement, reduce hedging costs/ currency risk, bond raising in locally denominated currencies, etc., which support solar energy development and deployment; supporting ISA’s plans for solar energy through technical assistance and knowledge transfer; working on mobilization of concessional financing through existing or, if needed, new trust funds; and supporting RE INVEST events.