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The agreement, establishing the World Bank Group as a financial partner for 121-nation ISA, was signed here in the presence of visiting World Bank President Jim Yong Kim, Finance Minister Arun Jaitley and New and Renewable Energy Minister Piyush Goyal.

The ISA was launched at the Paris United Nations Climate Change Conference in November by Prime Minister Narendra Modi and French President Francois Hollande.

WHAT ALL DOES THE AGREEMENT INCLUDE? 

As part of the agreement, the Bank will develop a roadmap to mobilise financing for development and deployment of affordable solar energy, and work with other multilateral development banks and financial institutions to develop financing instruments to support solar development.

On the occasion, the multilateral lender also announced that it planned to provide more than $1 billion to support India’s initiative to expand solar energy generation.

WHY IS THE MOVE A GRAND INVESTMENT FOR WORLD BANK?

The solar investments for India combined would be the Bank’s largest financing of solar energy projects for any country in the world to date, it said.

India’s plans to virtually triple the share of renewable energy by 2030 will both transform the country’s energy supply and have far-reaching global implications in the fight against climate change………http://indiatoday.intoday.in/story/pm-modi-lands-world-banks-record-1-trillion-dollars-loan-for-mega-solar-power-project/1/704572.html