The European Bank for Reconstruction and Development (EBRD) and the International Solar Alliance (ISA) have agreed to strengthen cooperation in pursuit of their shared goal of mobilising green energy financing.
A joint declaration to promote solar energy in the countries where both organisations operate, was signed in New Delhi by Nandita Parshad, the EBRD’s Managing Director for Energy and Natural Resources and His Excellency Upendra Tripathy, the ISA’s interim Director General.
The ceremony was attended by EBRD President Sir Suma Chakrabarti and Indian Finance Minister Arun Jaitely.
During the signing, the EBRD President said: “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. With the ISA we share the vision of sustainable development and of green energy, which ultimately benefits the global economy.”
HE Upendra Tripathy, the ISA’s interim Director General, commented: “It is a pleasure to sign a joint declaration that formalises and deepens our partnership with the EBRD. Promoting energy security and increasing the use of solar energy are the two most important objectives of the ISA.”
The EBRD and the ISA wish to deepen cooperation in support of renewable energy, and declared their intention to promote solar energy within the countries where both operate. The two parties have agreed to collaborate and exchange information in recognition of their mutual goal of fostering sustainable development.
The ISA was launched on 30 November 2015, during the COP21 UN Climate Change Conference in Paris, at the initiative of Indian Prime Minister Narendra Modi and former French President François Hollande. India and France were the first two countries to ratify the Paris Agreement on climate change.
The ISA has created a platform for the promotion of solar energy across its 121 member countries. The first ISA summit will take place during French President Emmanuel Macron’s visit to India from 08-10 December 2017.
The EBRD places a high priority on the promotion of renewable energy as part of its overall contribution to combating climate change. The Bank is well on the way to meeting commitments it made in the run-up to the 2015 Paris Agreement of dedicating 40 per cent of its total annual investment to green finance by 2020.
Under the EBRD’s US$ 500 million framework for renewable energy in Egypt, the EBRD is financing the largest solar site in Africa, near the village of Benban, in Egypt. Other recent investments have included important projects in Serbia, Mongolia, Kazakhstan, Greece and Turkey.
To date, the Bank has invested more than €4 billion directly in renewable energy, supporting projects in over 20 countries and funding more than 6.5GW of capacity.