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

International Solar Alliance is part of Prime Minister’s vision to bring clean and affordable energy within the reach of all and create a sustainable world. International solar alliance is a common platform for cooperation among solar resource rich countries lying fully or practically between the Tropics of Cancer and Capricorn. The alliance includes around 120 countries that support the declaration on the occasion to launch the international solar alliance of countries dedicated to the promotion of solar energy. Sustainable development, universal energy access, and energy security are critical to the shared prosperity and future of our planet, and acknowledging that clean and renewable energy needs to be made affordable for all. India and France have launched an International Solar Alliance to boost solar energy in developing countries. The initiative was launched at the UN Climate Change Conference in Paris on 30 November by Indian Prime Minister Narendera Modi and French President Francois Hollande.

Objective of the International solar alliance is to significantly augment solar power generation in countries. International solar alliance intends to make joint efforts through innovative policies, projects, programmes, capacity building measures and financial instruments to mobilize more than 1000 Billion US Dollars of investments that are needed by 2030 for the massive deployment of affordable solar energy. Reduced cost of finance would enable countries to undertake more ambitious solar energy programmes to bring development and prosperity for people. International solar alliance aims to establish an international alliance of countries dedicated to the promotion of solar energy as an effective mechanism of cooperation. An International Steering Committee would be created to provide the necessary guidance, direction and advice to establish the international solar alliance. International solar alliance will help in achieving universal energy access and energy security of the present and future generations.

Recently world bank also gave support to the PM Narendra Modi's brain child (International Solar Alliance). 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. World bank decided to work jointly for the promotion of International Solar Alliance. 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
• Supporting RE-INVEST events. In addition, both sides decided to work in other areas and themes as jointly decided.

Click Here to Read Full Article

Click Here to Join Online Coaching for IAS (Pre.) Exam

<< Go Back To Magazine Articles Main Page