International Solar Alliance, International Energy Agency ink joint declarations of partnership for renewable energy

The International Solar Alliance (ISA) has signed a joint partnership agreement with the International Energy Agency (IEA) to deepen cooperation in the field of renewable energy.

The ISA has also inked joint financial partnership declarations with the African Development Bank (AfDb), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the Green climate fund (GCF), and the New Development Bank (NDB).

"The objective of the agreements is to deepen their cooperation in support of renewable energy. The previous three partnerships were signed by ISA with the World Bank, the European Investment Bank and the European Bank for Reconstruction and Development," an official statement said.

The agreements were signed in the presence of Finance Minister Arun Jaitley and Power and New and Renewable Energy Minister R K Singh.The statement said the International Renewable Energy Agency (IRENA) will sign a joint partnership declaration tomorrow.

The ISA is working for deployment of over 1,000 GW of solar energy and mobilising more than USD 1 trillion into solar energy by the year 2030.Singh said the ISA today had 60 signatories and 30 parties already had ratified solar alliance.

Together with the ISA, AfDb would work on mobilisation of concessional financing through existing, notably the Bank's Sustainable Energy Fund for Africa and the Facility for Energy Inclusion.ISA and ADB have joined hands for promotion of Solar Energy in Asia and the Pacific, including solar power generation, solar based mini-grids, and transmission systems dedicated for integrating solar energy into the grids and any other future programs launched by ISA, the statement said. 

AIIB and ISA have collaborated for promotion of solar energy in prospective ISA member countries where AIIB operates.

Besides, ISA and GCF will promote development of affordable, reliable and sustainable solar energy as an important way towards a sustainable and inclusive economic growth.