World Bank to help International Solar Alliance mobilise $1tn

The World Bank has signed an agreement with an alliance of 121 countries led by India to collaborate on increasing solar energy use across the world. They aim to mobilise […]

Register now!

By Priyanka Shrestha

The World Bank has signed an agreement with an alliance of 121 countries led by India to collaborate on increasing solar energy use across the world.

They aim to mobilise $1 trillion (£0.75tn) in investments by 2030.

The International Solar Alliance (ISA) was launched at the COP21 conference in Paris in December last year following which the foundation stone for the headquarters in Delhi was laid in February this year.

The agreement establishes the World Bank as a financial partner for the ISA and sees the institution as using its global development network, knowledge and financing capacity to promote solar energy use.

The World Bank stated: “As part of the agreement, the Bank Group will develop a roadmap to mobilise financing for development and deployment of affordable solar energy and work with other multilateral development banks and financial institutions to develop financing instruments to support solar energy development.”