European Investment Bank President Dr. Werner Hoyer and Prime Minister Narendra Modi. (File Photo: IANS/PIB)
New York (IANS): In a major push to India's International Solar Alliance (ISA), European Investment Bank (EIB) President Werner Hoyer on Wednesday announced a major progress on tackling climate change globally at the One Planet Summit here.
Announcing progress on initiatives hailed as "transformative" that will deliver on the ambitious Paris Agreement to tackle climate change, he announced to bridge urban financing gap with Global Urbis, launch the Land Degradation Neutrality Fund and expand solar energy through the International Solar Alliance.
Global Urbis is a ground-breaking partnership to enhance climate action in cities around the world.
The Land Degradation Neutrality Fund is a unique way to finance climate adaptation and land restoration measures through projects that will benefit some of the most vulnerable communities.
In addition, the EIB President pointed to the EU bank's commitment to backing the ISA to support solar energy and the exchange of technology.
The EIB is partnering with the ISA, bringing its expertise and financing to support the expansion of solar energy in India and other regions where solar power is one of the most abundant renewable energy sources but where technologies, funding and expertise are often lacking.
The goal of the ISA is to raise $1 trillion by 2030 from public and private investors to invest in such solar projects.
In 2017, the EIB provided EUR 1.05 billion of new financing for solar energy projects around the world, representing the largest ever annual support by the EIB to the solar sector, and is currently finalising a new EUR 200 million credit line to provide additional financing for renewable energy projects across India.
Over the last five years, the EU Bank provided more than EUR 21 billion for renewable energy investment worldwide, including EUR 2.5 billion in photovoltaic and concentrated solar power projects.
"Multilateral cooperation is the only way to achieve success in tackling climate change and sustainable development," Hoyer said.