India has been granted a $1 billion loan by the World Bank to fulfill its ambitious solar power goals. Framed in the UN Climate Summit in Paris, the Asian country seeks to triple its use of renewable energy by 2030. The measure, which many countries —including Germany and the United States— have shown support for would transform India's energy industry and have major impact in the worldwide fight against climate change and global warming.
India's Prime Minister, Narendra Mori, is at the forefront of the initiative, which comes as no surprise given the disastrous impact climate change has had on the country. A recent study has shown a link between man-made climate change and the increasingly erratic and unpredictable monsoon, which is vital for the agricultural crops over 70% of India's population depend on for subsistence. Furthermore, the severe heat waves that have driven the temperatures upwards of 50C in some places have caused the death of many and compromised the livelihoods of over 330 million people.
Read the full article from Climate Change News below:
INDIA'S SOLAR PLANS RECEIVE BILLION DOLLAR BOOST
World Bank loan comes off back of major funding pledges from US and Germany as major economies try and wean Delhi off coal.The sun is shining a little brighter on Delhi's ambitious plans to triple its use of renewable energy by 2030 after $1 billion of funding was confirmed by the World Bank.
The loan will leverage investment in the country’s domestic energy market and mobilise $1 trillion in finance for the Indian-led International Solar Alliance (ISA) said officials.
“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,” said Jim Kim, World Bank Group President.
“Prime Minister Modi’s personal commitment toward renewable energy, particularly solar, is the driving force behind these investments.”
Launched on the sidelines of the 2015 UN climate summit in Paris, the ISA counts 120 countries as members and targets a concerted push to lowering the costs of solar power.
India has plans to deploy more than 100 gigawatts of solar by 2022, a goal energy minister Piyush Goyal has previously said it would meet easily due to falling technology costs.
Seen as key to tackling climate change, Indian prime minister Narendra Modi has been heavily courted by major economies keen to see him enforce tougher greenhouse gas emission goals.
Last year Germany offered €1 billion over five years to help India meet a goal of deploying 100 gigawatts of solar by 2022, while in June Modi and US president Barack Obama agreed to a $440 million clean energy package.