Rituparna Kakati | 03 Nov, 2017
Finance Minister Arun Jaitley on Thursday said that India is committed to cause of renewable energy and currently in the forefront of the 42 nation International Solar Alliance.
Speaking on the occasion of signing of partnership agreement between the International Solar Alliance (ISA) and the European Bank for Reconstruction and Development (EBRD) in New Delhi, he said that India under has pledged unequivocal commitment for furthering the cause of New and Renewable Energy since the Paris COP21 UN Climate Change Conference.
He added that India's energy requirements are huge and the country wants to make optimal use of our new and renewable sources of energy.
Jaitley said that ISA need to firm-up such financial partnership deals with more Multilateral and Bilateral Donor Agencies in order to meet its stated objectives of getting better Technology; aiding easier costing to improve affordability of Solar Energy.
He urged both the signing parties to go in for innovation of New and Dynamic Mechanism for credit enhancement and risk mitigation in solar sector.
Citing the first Financial Partnership collaboration of ISA with the World Bank, he also urged that more and more multilateral and development banks should come forward and join hands with ISA in help fulfilling the objectives of massive and affordable deployment of solar among 121 ISA member countries.
ISA and EBRD signed a Joint Financial Partnership Declaration in the presence Jaitley with an objective to deepen the cooperation in support of Renewable Energy.
ISA is an initiative jointly launched by the Prime Minister Narendra Modi and the President of France on 30th November 2015 at Paris.
So far 43 countries have signed the Framework Agreement of the ISA, and out of which 14 have also submitted the Instrument of ratification to India's Ministry of External Affairs.
ISA will be the first international inter-governmental treaty based organization to be headquartered in India.
