27-02-2021 | 13:26 PM
ISA to launch World Solar Bank at global climate meet
Context
The International Solar Alliance (ISA) have planned to launch the World Solar Bank (WSB) at the United Nations Climate Change Conference in Glasgow which is scheduled for November 2021. The ISA was co-founded by India.
Key Highlights
The development of the World Solar Bank will support India’s attempt to secure its leadership in the climate arena.
The development of the bank is significant because green finance will be one of the priority themes at the climate meet which is COP-26.
COP-26 will be organised in the backdrop of the US re-joining the Paris climate accord.
The headquarters of the World Solar Bank is expected to be set up in India. It will be the first multilateral development bank (MDB) which will be set up in India.
The WSB has planned to disburse around $50 billion to the member countries of International Solar Alliance over the next 10 years.
International Solar Alliance (ISA) was founded at the 2015 climate change conference in Paris.
The International Solar Alliance is the first treaty-based international government organization headquartered in India.
ISA is the nodal agency to implement the global electricity grid plan of India called “One Sun One World One Grid (OSOWOG) which seeks to transfer solar power generated in one region to feed the electricity demands of others.
The World Solar Bank will be launched because many member countries of the ISA face the challenge of raising finances on their own. Further, it was launched to assist the 800 million people who do not have access to power.
