Our chance to champion solar energy as a cause
That renewable energy is on top of Prime Minister Narendra Modi’s energy agenda has been evident in the big boost his government has sought to give this sector. With sufficient effort, India could plausibly even attain leadership of the global quest for solar energy to replace old sources of electric power that belch out carbon and heat up the planet. On Monday, Mint reported India’s eagerness to become lead member of the World Solar Bank (WSB), a multilateral lender proposed by the International Solar Alliance (ISA), by making an equity commitment of $600 million for a 30% stake in it. The decks for setting up this bank could be cleared shortly by the steering committee of the ISA, which was formed at our initiative in 2016 to promote the cause and currently counts 121 countries as its members. Significantly, it could well be based in India. A feasibility study conducted by the ISA and Brickworks Analytics, with the help of the Beijing-based New Development Bank’s former chief K.V. Kamath, has indicated that New Delhi, Bengaluru or GIFT City in Ahmedabad would be best suited for the WSB. If the plans fructify, this would be the first multilateral development bank with its headquarters in the country.
