World Bank inks deal with ISA to boost solar

  The World Bank Group signed an agreement with the International Solar Alliance (ISA), consisting of 121 countries led by India, to collaborate on increasing solar energy use around the world, with the goal of mobilising $1 trillion in investments by 2030.
The World Bank also announced that it planned to provide more than $1 billion to support India’s ambitious initiatives to expand solar through investments in solar generation. The World Bank-supported projects under preparation include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market, and transmission lines for solar-rich states. These solar investments for India combined would be the Bank’s largest financing of solar for any country in the world to date.
“India’s plans to virtually triple the share of renewable energy by 2030 will both transform the country’s energy supply and have far-reaching global implications in the fight against climate change,” said World Bank Group President Jim Yong Kim. “Prime Minister Modi’s personal commitment toward renewable energy, particularly solar, is the driving force behind these investments. The World Bank Group will do all it can to help India meet its ambitious targets, especially around scaling up solar energy.”
Kim said he also hoped the signing of the agreement with the ISA would help mobilise a global movement toward a climate-friendly future.

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World Bank inks deal with ISA to boost solar

  The World Bank Group signed an agreement with the International Solar Alliance (ISA), consisting of 121 countries led by India, to collaborate on increasing solar energy use around the world, with the goal of mobilising $1 trillion in investments by 2030.
The World Bank also announced that it planned to provide more than $1 billion to support India’s ambitious initiatives to expand solar through investments in solar generation. The World Bank-supported projects under preparation include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market, and transmission lines for solar-rich states. These solar investments for India combined would be the Bank’s largest financing of solar for any country in the world to date.
“India’s plans to virtually triple the share of renewable energy by 2030 will both transform the country’s energy supply and have far-reaching global implications in the fight against climate change,” said World Bank Group President Jim Yong Kim. “Prime Minister Modi’s personal commitment toward renewable energy, particularly solar, is the driving force behind these investments. The World Bank Group will do all it can to help India meet its ambitious targets, especially around scaling up solar energy.”
Kim said he also hoped the signing of the agreement with the ISA would help mobilise a global movement toward a climate-friendly future.

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