NDB and International Solar Alliance Commit to Deepen Cooperation and Promote Solar Energy
On 10 March 2018, the New Development Bank (NDB) and International Solar Alliance (ISA) signed in New Delhi, India a Joint Declaration for the Promotion of Solar Energy Globally.
The Declaration was signed by Mr. K.V.Kamath, the NDB President and Mr. Upendra Tripathy, Interim Director General of ISA, in the presence of India Finance Minister Mr. Arun Jaitley and Mr. Raj Kumar Singh, Minister of State (IC) for Power and New & Renewable Energy.
The NDB and ISA agreed to consider a roadmap for the mobilization of financing to promote solar energy in countries of common interest and to explore mechanisms for supporting solar energy development.
The parties will mutually support the implementation of the NDB’s and ISA’s plans for solar energy development and deployment through technical assistance and knowledge transfer.
Affordable, reliable and sustainable solar energy is crucial to achieving universal energy access and will contribute to economic growth, acknowledged the NDB and ISA.
The NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
International Solar Alliance (ISA) is a treaty based international inter-governmental organization which was launched on 30 November 2015, in Paris, France, and Headquarters at Gurugram, Haryana, India. The Alliance aims to provide a platform for the promotion of solar energy across 121 prospective member countries of ISA to specifically address energy needs by harnessing solar energy. The ISA’s major objectives include global deployment of over 1,000 gigawatt (GW) of solar generation capacity and mobilization of investment of over $1 trillion into solar energy by 2030.