World Bank to help mobilise USD 1tn for solar globally by 2030

The World Bank Group and the International Solar Alliance (ISA) on Thursday agreed to collaborate on increasing the use of solar energy worldwide by mobilising USD 1 trillion (EUR 898bn) in investments by 2030.

ISA consists of 121 countries, led by India.

The World Bank said it plans to provide over USD 1 billion to India through fiscal 2017. This will be used in support of rooftop photovoltaics (PV), infrastructure for solar parks, the market roll-out of innovative solar and hybrid technologies, and transmission line projects for solar-rich states.

The World Bank Board and the Indian government today signed a previously announced USD-625-million loan to support the installation of at least 400 MW of grid-connected rooftop solar PV systems in the country.

As part of the agreement with ISA, the World Bank will act as a financial partner to the institution, contributing its global development network, global knowledge and funding capacity. It will also create a roadmap to gather funds for the deployment of affordable solar energy while working with other multilateral development banks and financial institutions on additional financing instruments.

(USD 1.0 = EUR 0.898)

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