Renewable Energy Current Affairs - 2019
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India and France have launched a programme with $1 trillion Potential Solar Programme under the International Solar Alliance (ISA).
It is a solar finance programme that aims at helping developing countries to fully harness their solar resources for a clean energy future.
It was announced by Minister of State for Power Piyush Goyal and French Environment Minister Segolene Royal at the ministerial side event on ISA at the United Nations.
The solar finance programme aims at lowering the cost of finance and facilitates the flow of more than 1 trillion dollars investment to members of the ISA.
Both countries also launched a second programme at the ISA meeting which aims to make available solar technology for farmers. The meeting was attended by representatives of over 25 countries including the US, Bangladesh, Brazil and Nigeria.
About International Solar Alliance (ISA)
- The ISA was launched at the 2015 Paris Climate Change Summit by Prime Minister Narendra Modi and French President Francois Hollande.
- It seeks to empower solar-rich countries located between the tropic of Cancer and the tropic of Capricorn to make collaborative efforts to harness solar energy to generate the electricity.
- Under this alliance, 121 countries that fall within the tropics have been invited. Most of these countries fall within Asia, Africa and South America.
- Three Objectives: (i) To force down prices by driving demand, (ii) To bring standardization in solar technologies and thirdly and (iii) To foster research and development.
For more details: International Solar Alliance
The BRICS New Development Bank (NDB) has approved its first package of loans worth 811 million dollars for four renewable energy projects in Brazil, China, South Africa and India.
The decision to approve the first loans was approved by the NDB board of governors on the sidelines of the International Monetary Fund (IMF) and World Bank spring meetings in Washington DC, US.
- The NDB in its first loan tranche will provide $300 million to Brazil, $250 million to India, $180 million to South Africa and $81 million to China.
- These funds will be used in area of green and renewable energy projects with a combined capacity of 2.37MW together.
- On completion of these projects, they will help to reduce the amount of harmful emissions by 4 million tons annually.
About New Development Bank
- The New Development Bank is a multilateral bank created by BRICS nations viz. Brazil, Russia, India, China and South Africa.
- It had started its operations in July 2015 with initial authorized capital of $100 billion.
- It is headquartered in Shanghai, China.
- The goal of the bank is to fund infrastructure projects in emerging economies for sustainable development.
- In the NDB, each participant country has been assigned one vote, and none of the countries have veto power.
- Renowned Indian banker Kundapur Vaman Kamath is the President (first) of NDB.
For more details: New Development Bank