The International Solar Alliance (ISA) and the European Bank for Reconstruction and Development (EBRD) have signed a joint financial partnership declaration with an objective to deepen the cooperation in support of solar energy for ISA member countries.
ISA is working for deployment of over 1000 GW of solar energy and mobilizing more than US$ 1000 billion into solar energy by the year 2030.
Speaking on the occasion, Finance and Corporate Affairs Minister of India, Arun Jaitley said that India has been at the forefront of the 42 nations who have signed the ISA framework agreement, and pledged clear commitment towards clean energy.
He added, “ISA need to firm-up such financial partnership deals with more multilateral and bilateral donor agencies to meet its stated objectives of getting better technology; aiding easier costing to improve the affordability of solar energy.”
The finance minister urged both the signing parties to go in for innovation of new and dynamic mechanisms for credit enhancement and risk mitigation in the solar sector.
Citing the first financial partnership collaboration of ISA with the World Bank, Jaitley advised that more and more multilateral and development banks should come forward and join hands with ISA in helping to fulfill the objectives of massive and affordable deployment of solar among 121 ISA member countries.
The collaboration will provide an opportunity for EBRD to support solar energy investment in the least developed countries, especially in Africa.
Moreover, EBRD is keenly interested in increasing its green financing portfolio to 40% of its annual business, who had launched green economy transition approach in 2015. To date, the European bank has invested more than €4 billion ($4.67 billion) directly in renewable energy, supporting projects in over 20 countries and funding more than 6.5 GW of capacity.
Alexandre Ziegler, Ambassador of France to India, and Suma Chakrabarti, EBRD President were also present at the signing ceremony.