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ADB, ISA sign pact to promote solar energy

Press Trust of India  |  New Delhi 

The (ADB) and the (ISA) today signed a cooperation arrangement to promote solar deployment in and the Pacific.

The cooperation envisages solar power generation, solar based mini-grids, and for integrating solar into grids, among others.

The ISA and the ADB would also cooperate on knowledge sharing and developing for the promotion of solar energy, the multilateral lending agency said in a statement.

They would also develop financing instruments to support solar deployment and conduct studies and consultations to explore mobilisation of concessional financing through trust funds or special funds administered by ADB.

ISA and ADB vice-for and sustainable development signed the pact in the presence of and ADB

"ADB's commits USD 3 billion per year by 020 for promoting clean energy, including projects in its developing member countries," said Susantono. "We are happy to work with ISA to mobilise additional investments to meet ISA's goals for the massive deployment of affordable "

ISA, headquartered in near here, is now a treaty-based intergovernmental organisation that was established following the Declaration as an alliance dedicated to the promotion of among its member countries.

The ISA's major objectives include global deployment of over 1,000 gigawatt (GW) of solar generation capacity and mobilisation of investment of over USD 1 trillion into solar energy by 2030.

has set an ambitious target of installing 175 GW of renewable energy, including 100 GW from solar by 2020 as announced by at the joint launch of the ISA with then-French on November 30, 2015.

ADB, based in Manila, is dedicated to reducing poverty in and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members48 from the region.

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

First Published: Sat, March 10 2018. 13:00 IST