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ISA working for deployment of over 1000 GW of solar energy, mobilising above $1000 bn

3/10/2018

New Delhi, The International Solar Alliance (ISA) is working for deployment of over 1000 GW of solar energy and mobilising more than 1000 billion dollar into solar energy by the year 2030; and to achieve the target it has signed Joint financial partnership. Declarations on Saturday in New Delhi with the International Solar Alliance (ISA), the African Development Bank (AfDb), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the Green climate fund (GCF), and the New Development Bank (NDB). The International Energy Agency (IEA) also signed a Joint partnership Declaration with the ISA. The agreements were signed in the presence of Arun Jaitley, Union Minister of Finance and Corporate Affairs and RK Singh, Minister of State for Power and New and Renewable Energy. The objective of the agreements is to deepen their cooperation in support of Renewable Energy. The previous three partnerships were signed by ISA with the World Bank, the European Investment Bank and the European Bank for Reconstruction and Development. The International Renewable Energy Agency (IRENA) will sign a Joint Partnership Declaration on 11th March 2018.On the occasion the Union Minister of State for Ministry of New and Renewable Energy RK Singh said that ISA has potential to have a huge impact on future of planet.He added that today we are in a happy situation where renewable energy has become viable. He highlighted that solar energy was the future. The minister while highlighting that the effects of global warming were apparent with every successful year also informed that ISA today had 60 signatories and 30 parties already had ratified solar alliance. The African Development Bank’s New Deal on Energy for Africa aims to achieve universal access to energy in Africa by 2025. AfDB’s transformative Desert to Power initiative in the Sahel and Sahara regions of Africa envisages 10 GW of solar power generation and providing clean energy to 90 million people. Together with the ISA, they would like to work on mobilization of concessional financing through existing, notably the Bank’s Sustainable Energy Fund for Africa and the Facility for Energy Inclusion.

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