The EIB (European Investment Bank), which has joined the Foundational Conference of the International Solar Alliance in New Delhi, has confirmed that it has contributed 1,050 million euro for solar energy projects in 2017. In addition, it has committed to increase its support to climate-related investments, including renewable energies, in developing and emerging economies so that they represent 35% of overall financial activity.
The EIB made this announcement on the eve of the Foundational Conference of the International Solar Alliance that has just been held in New Delhi, in India, and where a delegation of the entity was present. This organization is the result of an initiative launched at the UN conference on climate change in Paris in 2015 by Indian Prime Minister Narendra Modi, and French President François Hollande.
Based in Gurugram, India, ISA aims to deploy more than 1,000 Gigawatts of solar energy, and mobilize more than 1 billion US dollars for solar energy by 2030, to facilitate and accelerate the large-scale deployment of solar energy in developing countries, in order to meet the growing demand for energy and help fight climate change, the UN reports.
Werner Hoyer, president of the European Investment Bank said the EIB welcomes the International Solar Alliance vision to ensure that the most vulnerable countries to climate change can take advantage of the proven potential of solar energy. “Solar energy provides clean energy to millions of people around the world and is now the most important source of energy,” he said.
The EIB welcomes the International Solar Alliance vision to ensure that the most vulnerable countries to climate change can take advantage of the proven potential of solar energy
In his opinion, “the fate of this planet depends on continuing to expand the use of renewable energy to support sustainable economic growth. This can be achieved through better access to energy along with the expansion of a viable alternative to fossil fuels.”
As announced in a statement, in 2017 the EIB contributed 1,050 million euros for solar energy projects in India, Mexico and Peru, as well as in 13 countries of the European Union. In the coming weeks, the EIB is expected to confirm significant financing for off-grid solar projects across Africa, the statement notes.
India was the main recipient of EIB funding for solar investment outside the European Union, both in 2017 and in general since 2013. The entity has approved a total of 640 million euros of new investments in solar projects in India to provide clean energy to 4.2 million households and save more than 4 million tons of carbon emissions.
India was the main recipient of EIB funding for solar investment outside the European Union, both in 2017 and in general since 2013
“The European Union and India have committed to implement the Paris climate agreement and to jointly work to achieve the Sustainable Development Goals, including ensuring access to affordable, reliable, sustainable and modern energy for all. As a European Union bank, the EIB has a strong track record of supporting transformational investment in India and works with Indian partners to improve solar investment in this country to benefit millions of Indian households, ” Tomasz Kozlowski, EU Ambassador to India said.
Furthermore, the EIB has confirmed in New Delhi new and significant support for 500 million euros of new investments in renewable energy throughout India in partnership with the India Renewable Energy Development Agency (IREDA).