World Solar Bank is a financing agency that is aimed to pool resources from across the globe and use them to fund solar projects in International Solar Alliance (ISA) member countries. The proposed size of the World Solar Bank would be 10 billion dollars.
International Solar Alliance (ISA)
At the United Nations climate change conference in Paris, Indian PM Narendra Modi & French President Emmanuel Macron proposed ISA.
The members of the International Solar Alliance have to develop the low-carbon growth path offered by solar power. In addition, with the focus on the least developed countries. The alliance is of 121 countries. It aims to work for efficient energy consumption of solar energy and reduce the dependence on fossil fuels.
It has credit partners such as European Investment Bank and Asian Development Bank.
ISA commits itself to three near-term objectives:
- Develop integrated solar or solar hybrid-based cold chain solutions that bring economic value to farmers and producers, and include the post-harvest in-field technologies that can secure an extended shelf-life of the perishable items.
- Encourage the use of sustainable, low global warming potential solar-based cooling technologies through financing and incentives for small- and medium-sized farms.
- Promote applied research and industry engagement to introduce affordable refrigeration solutions for small- and medium-sized producers with special emphasis on post-harvest processing facilities and transportation.
The Importance of Solar Bank
The United Nations Conference on Climate Change held a conference in Glasgow in November 2021. This development of the World Solar Bank was very beneficial to India in terms of securing leadership in the field of climate control.
The green finals were the focus of the COP 26 climate summit, which took place in Paris in December.
The World Solar Bank was established because most member countries were having difficulty raising funds on their own. As a result, the program assisted people who did not have access to electricity.
The world needs to shift to green energy in the coming years and cut down on fossil fuels significantly. Solar Bank would be a step towards that goal. Financing green projects would be a step toward climate change mitigation.
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