Multilateral institutions, development banks need to join hands with ISA: FM

Vastavam web: Finance Minister Arun Jaitley today said more and more multilateral institutions and development banks need to join hands with the International Solar Alliance (ISA) to promote renewable energy.He was speaking at the signing of Joint Financial Partnership Declaration between ISA and the European Bank for Reconstruction and Development (EBRD) here to deepen the cooperation in support of renewable energy.He said ISA needs to firm-up such financial partnership deals with more multilateral and bilateral donor agencies “in order to meet its stated objectives of getting better technology”.
ISA is working for deployment of over 1000 GW of solar energy and mobilising more than USD 1 trillion into solar energy by the year 2030.
Similarly the EBRD is interested increasing its green financing portfolio to 40 per cent of its annual business.The International Solar Alliance (ISA) is an initiative jointly launched by Prime Minister Narendra Modi and President of France in November 2015 at Paris, in the presence of the UN Secretary General, on the sidelines of COP21 UN Climate Change Conference.