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India Shares Its World-Leading Solar Energy Ambitions

  • Publish Date: Posted almost 8 years ago

India has been sharing its plans to invest in solar energy on an unprecedented scale, supported by investment from the World Bank Group. The country's government plans to vastly ramp up usage of the renewable technology, setting up huge solar parks and encouraging building owners to add solar PV panels to rooftops. India is keen to be seen as a global leader in renewables and is working hard to bring electricity to all of its citizens whilst tackling the damage of greenhouse gases.

PM Narendra Modi spoke at the recent COP21 conference, saying that the world needed to look to the sun to provide a sustainable energy future, referencing the power of the world to help billions of people into new prosperity through equal energy access and more jobs.

India is now pledging to get 40pc of its total power needs from green technologies by 2030. It plans to install 100GW of solar power in the next five years - from a total level of 181GW in 2014.

Its push towards solar is being supported by Jim Yong Kim, the World Bank Group president, who recently visited the country to discuss global energy. The WBG is planning to extend over $1 billion to India to support its plans, which will effectively see it increase its share of green energy by 300pc and have powerful implications in the work to combat climate change.

An initial loan of $625 million has already been approved by the World Bank to help the Indian government launch its rooftop solar programme, which will be grid-connected and be implemented across the country. Additional funding will be drawn from the Clean Investment Fund programme, along with private and public investment. The largest part of the project will be a 750MW solar development in Rewa.