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India energy requirements are huge, we want to make optimal use of renewable energy: FM

Union Minister of Finance and Corporate Affairs, Arun Jaitley on Wednesday said that India’s energy requirements are huge and we want to make optimal use of our New and Renewable Sources of energy.

On the occasion of signing of the Joint Financial Partnership Declaration with an objective to deepen the cooperation in support of Renewable Energy between International Solar Alliance (ISA) and the European Bank for Reconstruction and Development (EBRD), Mr Jaitley said that India has been in the forefront of the 42 nation International Solar Alliance (ISA).

He said that India under the leadership of Prime Minister Narendra Modi has pledged unequivocal commitment for furthering the cause of New and Renewable Energy since the Paris COP21 UN Climate Change Conference.  Finance Minister Jaitley said, “ISA has taken a giant leap forward to mobilise international support for investment in Solar Sector.

He added 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.”

The Finance Minister 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, Mr Jaitley 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 have joined hands for promotion of Solar Energy. From ISA’s side, Upendra Tripathy, the Interim Director General ISA and on behalf of EBRD Nandita Parshad, Managing Director EBRD for Energy and Natural Resources signed the declaration.

Earlier, Mr Tripathy informed that the ISA and EBRD have agreed to strengthen cooperation in pursuit of their shared goals of mobilising green energy financing.

The collaboration will provide an opportunity to EBRD to support solar energy investment in the least developed countries especially in Africa.

This will also help funding of solar projects both in African and other countries.

Speaking on the occasion, Suma Chakrabarti, EBRD President stated that this is a very important agreement for the EBRD, which has always been eager to share its expertise with new partners and also to learn from them.

He said that with the ISA, we share the vision of sustainable development and of green energy, which ultimately benefits the global economy.

ISA is working for deployment of over 1000 GW of solar energy and mobilising more than US$ 1000 billion into solar energy by the year 2030. Similarly the European Bank for Reconstruction and Development (EBRD) is keenly interested to increase its green financing portfolio to 40% of its annual business.

The International Solar Alliance is an initiative jointly launched by the Prime Minister Narendra Modi and the President of France on 30th November 2015 at Paris, in the presence of the Secretary General of the UN, on the side lines of COP21 UN Climate Change Conference.

The main objective of ISA is to undertake joint efforts required to reduce the cost of finance and the cost of technology, mobilize more than 1000 billion dollar of investments needed by 2030 for massive deployment of solar energy, and pave the way for future technologies adapted to the needs of 121 countries lying fully or partially between the Tropics.