The International Solar Alliance (ISA) has signed a joint financial partnership with various financiers aimed at mobilising funds for the deployment of over 1,000GW of solar energy.
The institutions signing declarations on Saturday in New Delhi with ISA included 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).
Joint Declarations were signed between @isolaralliance and ADB, AIIB, AfDB, GCF, IEA and NDB in the presence of Finance Minister and Minister of State (I/C) for Power and New and Renewable Energy, Government of India.
— ISA (@isolaralliance) March 12, 2018
According to the United News of India, the joint financial partnership seeks to inject $1,000 billion into solar energy by the year 2030.
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. Read more: India to formulate mini-grids policy for Jharkhand State
On the occasion, Singh said that ISA has the potential to have a huge impact on the future of the planet, adding that he is happy that renewable energy has become viable.
The minister highlighted that the effects of global warming are apparent with every successful year. He also revealed that ISA has to date secured 60 signatories and 30 parties already had ratified solar alliance.
International Solar Alliance
The ISA Framework Agreement was opened for signature during the CoP-22 at Marrakesh, Morocco on 15th November, 2016.
According to the organisation, out of 60 member countries; 30 have countries have signed and ratified the ISA Framework Agreement up to date. These include Australia, Srilanka, Gabon, India and Mali to mention a few.
Earlier this year during the Future World Energy Summit 2018 in Abu Dhabi, the YES Bank committed financing solar projects of up to $5 billion by 2030.
Furthermore, China Light and Power company and Electric power distribution company announced forging partnership deal with ISA and committed to make voluntary contribution of $1 million each to ISA fund corpus.