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India's solar alliance gets major push with EIB funds

IANS  |  New York 

In a major push to India's (ISA), (EIB) on Wednesday announced a major progress on tackling climate change globally at the One Planet Summit here.

Announcing progress on initiatives hailed as "transformative" that will deliver on the ambitious Agreement to tackle climate change, he announced to bridge urban financing gap with Global Urbis, launch the and expand through the

Global Urbis is a ground-breaking partnership to enhance climate action in cities around the world.

The is a unique way to finance climate adaptation and land restoration measures through projects that will benefit some of the most vulnerable communities.

In addition, the pointed to the EU bank's commitment to backing the ISA to support and the exchange of technology.

The is partnering with the ISA, bringing its expertise and financing to support the expansion of in and other regions where solar power is one of the most but where technologies, funding and expertise are often lacking.

The goal of the ISA is to raise $1 trillion by 2030 from public and private investors to invest in such solar projects.

In 2017, the provided EUR 1.05 billion of new financing for around the world, representing the largest ever annual support by the EIB to the solar sector, and is currently finalising a new EUR 200 million credit line to provide additional financing for across

Over the last five years, the provided more than EUR 21 billion for worldwide, including EUR 2.5 billion in photovoltaic and concentrated solar power projects.

"Multilateral cooperation is the only way to achieve success in tackling climate change and sustainable development," Hoyer said.



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

First Published: Thu, September 27 2018. 00:06 IST