AfDB signs deal to scale up solar energy development

AfDB signs deal to scale up solar energy development

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.

Speaking at New York University last week, New York State Governor Andrew Cuomo - joined by former Vice President Al Gore - announced the single-largest commitment to renewable energy by any USA state, which is worth $1.4 billion, and approved 26 large-scale renewable energy projects across New York.

Mr. Macron identified three issues to be addressed - the solar energy potential in each country should be be identified; mobilisation of finance; and the provision of a favourable framework.

New York State Governor Andrew Cuomo announced approval last week for 26 large-scale renewable energy projects, including 22 solar projects worth 647 megawatts (MW) and 733.58 MW worth of wind energy.

The Central Chronicle reported that 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). Solar energy policy has to be to looked at in totality for development so that it can contribute to achievement of sustainable development goals, he explained.

Modi, the chief architect of ISA that seeks to bring together 121 nations, presented 10 action points to make affordable solar technology available to all nations. Also, innovation has to be encouraged so as to provide solutions to different needs.

The declaration lays out areas of deeper cooperation between ISA and the Bank, including developing innovative financial instruments to reduce risks and costs associated with solar investments and to leverage climate financing and commercial co-financing and mobilizing concessional financing through the Sustainable Energy Fund for Africa (SEFA) and other Bank-hosted funds.

"In 2017, Indian solar sector logged over United States dollars 10 billion in financing activity, according to Mercom Capital Group's recently released 2017 Q4 and Annual India Solar Market update", it said in a statement.

The International Solar Alliance initiative was launched at the UN Climate Change Conference in Paris in November 2015 by Prime Minister Narendra Modi and former French President Francois Hollande.

Thirty-two (32) of the ISA's 60-member countries are from Africa.

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