The member countries of International Solar Alliance have planned to launch the World Solar Bank at the UN Climate Change Conference in Glasgow, Scotland that is scheduled for November 2021.
Points To Note
- The development of the ISA’s World Solar Bank will support India’s attempt to secure its leadership in the climate arena.
- It is significance because the green finance will be one of the priority themes at the climate meet called COP-26.
- The COP-26 will be organised in the backdrop of USA re-joining the 2015 Paris climate Agreement.
- World Solar Bank’s headquarter is expected to be set up in India. It will be first multilateral development bank that will be set up in India.
- World Solar Bank have planned to disburse around US$ 50 billion to the member countries of International Solar Alliance over coming ten years.
Why World Solar Bank will be launched?
World Solar Bank will be launched because many member countries of the International Solar Alliance face the challenge of raising finances on their own. Further, it was launched to assist the 800 million people who do not have access to power.
About International Solar Alliance
International Solar Alliance was co-founded by India at 2015 climate change conference in Paris. It is the first treaty-based international government organization which is headquarter located in India. It is the nodal agency to implement the global electricity grid plan of India called “One Sun One World One Grid”.
About One Sun One World One Grid
The One Sun One World One Grid was launched with the objective of transferring the solar power generated in one region to feed the electricity demands of another region. Under the One Sun One World One Grid vision, India aims to replicate its global solar leadership through phased development of a single globally connected solar electricity grid. This would have multiple benefits such as Low cost, Zero pollution.
ISA to be Launch World Solar Bank ISA to be Launch World Solar Bank