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ISA-ADB, NDB, GCF, AfDB and AIIB joint declarations of Financial partnership

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The (ISA) and the (AfDb), the (ADB), the (AIIB), the (GCF), and the (NDB) signed Joint financial partnership Declarations. The Agency (IEA) also signed a Joint partnership Declaration with the ISA. The agreements were signed in the presence of Shri Arun Jaitley, Union of and Corporate Affairs and Shri R. K. Singh, of State (I/C) for Power and New and The objective of the agreements is to deepen their cooperation in support of The previous three partnerships were signed by ISA with the World Bank, the and the European Bank for Reconstruction and Development. The Agency (IRENA) will sign a Joint Partnership Declaration on 11th March 2018.

ISA is working for deployment of over 1000 GW of and mobilising more than US$ 1000 billion into by the year 2030.

On the occasion the Union of State for and Renewable Energy said that ISA has potential to have a huge impact on future of planet.

He added that today we are in a happy situation where renewable energy has become viable. He highlighted that was the future. The minister while highlighting that the effects of global warming were apparent with every successful year also informed that ISA today had 60 signatories and 30 parties already had ratified solar alliance.

The African Development Bank's New Deal on Energy for aims to achieve universal access to energy in by 2025. AfDB's transformative Desert to Power initiative in the Sahel and regions of envisages 10 GW of solar power generation and providing to 90 million people. Together with the ISA, they would like to work on mobilization of concessional financing through existing, notably the Bank's Sustainable Energy for Energy Inclusion.

The promotes a vision of an and Pacific region free of poverty. ADB's energy policy aims to help its developing member countries (DMCs) in to provide reliable, adequate, and affordable energy for an inclusive growth in a socially, economically, and environmentally sustainable way and provide USD 3 billion per year by 2020 for clean energy, including in its DMCs.

ISA and ADB have joined hands for promotion of Solar Energy in and the Pacific, including solar power generation, solar based mini-grids, and dedicated for integrating solar energy into the grids and any other future programs launched by ISA.

The finalized an Energy Sector Strategy that emphasizes proactive support to client countries to develop intermittent renewable energy, including solar. and ISA both have joined hands for promotion of Solar Energy in prospective ISA member countries where operates.

The Green Climate Fund's Strategic Vision includes financing innovative projects and programmes, inter alia supporting the application and dissemination of cutting-edge Both ISA and GCF promote the development of affordable, reliable and as an important way towards a sustainable and inclusive economic growth.

The New Development Bank's purpose is to mobilize resources for infrastructure and sustainable development projects in the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China, and the Republic of (BRICS) and other emerging market economies and developing countries.

The is an autonomous agency within the framework of the Organisation for Economic Co-operation and Development (OECD), which works to ensure reliable, affordable and for its 30 member countries and beyond. The IEA has four main areas of focus: energy security, economic development, environmental awareness and engagement worldwide. The IEA is at the heart of global dialogue on energy, providing authoritative statistics and analysis.

The is a universal international intergovernmental organisation that plays a leading role in the global by supporting countries in achieving the increased adoption and sustainable use of all forms of renewable energy.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, March 10 2018. 14:21 IST
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