To support India’s endeavour to triple the share of renewable energy by 2030, World Bank has promised to provide more than $1 billion to our country.
The move comes after World Bank signed a pact with the International Solar Alliance (ISA), consisting of 121 countries led by India, to collaborate on increasing solar energy use across the world. “India’s plans to transform the country’s energy supply and have far-reaching global implications in the fight against climate change. The World Bank Group will do all it can to help India meet its ambitious targets,” said World Bank Group President Jim Yong Kim.
India is the largest client of the World Bank, which lent it around $4.8 billion between 2015 and 2016.
The government and the Bank have also signed an agreement for the $625 million Grid Connected Rooftop Solar Programme, which will finance at least 400 mw of solar photovoltaic (PV) installations. “The development of a $200 million Shared Infrastructure for Solar Parks Project under a public-private partnership model is also under preparation,” the World Bank statement said.
The projects supported by World Bank include solar rooftop technology, infrastructure for solar parks, bringing hybrid technologies to market amongst other.
Under the signed pact, the bank will also help in developing a roadmap for development and deployment of affordable solar energy.