ISA to Launch World Solar Bank

The International Solar Alliance (ISA) have planned to launch the World Solar Bank (WSB) at the United Nations Climate Change Conference in Glasgow that is scheduled for November 2021.

Highlights

• The development of the World Solar Bank will support India’s attempt to secure its leadership in the climate arena.
• The development of the bank is significance because the green finance will be one of the priority themes at the climate meet called COP-26.
• COP-26 will be organised in the backdrop of US re-joining the Paris climate accord.
• The headquarter of the World Solar Bank is expected to be set up in India. It will be first multilateral development bank (MDB) that will be set up in India.
• The WSB have planned to disburse around $50 billion to the member countries of ISA over next 10 years.

Why WSB will be launched?

The WSB will be launched because many member countries of the ISA face the challenge of raising finances on their own. Further, it was launched to assist the 800 million people who do not have access to power.

International Solar Alliance

The ISA was co-founded by India. It was founded at 2015 climate change conference in Paris. It is the first treaty-based international government organization which is headquartered in India. It is the nodal agency to implement the global electricity grid plan of India called “One Sun One World One Grid (OSOWOG)”.

One Sun One World One Grid (OSOWOG)

This plan was launched with the objective of transferring the solar power generated in one region to feed the electricity demands of another region. Under the OSOWOG vision, India aims to replicate its global solar leadership through phased development of a single globally connected solar electricity grid. This would have multiple benefits such as Low cost, Zero pollution.

Month: Current Affairs - February, 2021