World Solar Bank to be launched by ISA

  • The International Solar Alliance (ISA) plans to launch the World Solar Bank (WSB) at the COP26 United Nations Climate Change Conference in Glasgow in November 2021. 
  • This will help India’s attempt to lead global climate action and the development of a green economy. 
  • The ISA is the first treaty-based international government organization headquartered in India. 

ISA

  • It is an alliance of 121 countries. 
  • It was formed in 2015 at Paris, France.
  • It aims to work for efficient consumption of solar energy and reduce dependence on fossil fuels. 
  • Headquarters: Gurugram, India. 
  • Credit Partners – European Investment Bank (EIB) and Asian Development Bank (ADB).

OSOWOG

  • ISA is the nodal agency for implementing India’s global electricity grid plan – One Sun One World One Grid (OSOWOG). 
  • It seeks to transfer solar power generated in one region to feed the electricity demands of others.

COP26 PLANS

  • Green Grid Initiative – a joint effort of ISA and Climate Parliament to encourage all member countries to emulate India’s GEC and integrate them to OSOWOG. 
  • Sun Charter 
  • World Solar Bank: The proposed capital size of the World Solar Bank would be $10 billion, with the headquarters of the bank compulsorily contributing 30 % of the proposed capital.
  • The President of COP26 will be British Cabinet Minister Alok Sharma.

PARIS AGREEMENT: INDIA

  • In the Paris Agreement, India has set a target of achieving 40% of its total electricity generation from non-fossil fuel sources by 2030. 
  • Till September 2020, India had installed a solar capacity of 36 GW    

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