World Bank to invest in India’s solar energy marketJuly 4, 2016
World Bank Group seeks to support India’s growing solar power sector
The World Bank Group has announced plans to aid India’s solar energy market. India has become a strong supporter of solar power in recent years and is becoming a very attractive market for energy developers. The World Bank Group hopes to bolster further growth of the solar market in order to help India become more environmentally friendly and ensure consumers have access to the energy that they need.
India believes that solar power is of vital importance to the world
During the COP21 conference in Paris last year, India’s Prime Minister, Narendra Modi, noted that “the world must turn to the sun to power our future.” Modi believes that the hopes of a prosperous world rests on whether or not developed nations embrace renewable energy. India has plans to derive no less than 40% of its electricity from renewable sources by 2030 and solar power will play a major role in this initiative. Investments are vital to secure the success and continued growth of the solar energy market.
World Bank Group will invest more than $1 billion into India’s solar market
India plans to develop at least 100 gigawatts of solar capacity by 2022. The World Bank Group will aid in this endeavor, investing more than $1 billion into the nascent solar sector. The organization notes that India plans to triple its share of clean energy by 2030, creating significant economic opportunities for businesses and consumers alike. Beyond its most recent investment, the World Bank Group has other projects at various stages of development in India. Some of these projects involve the construction of new solar farms, which will further bolster India’s solar energy market.
Solar power may ensure more consumers have reliable access to electricity
Approximately 300 million people, nearly a quarter of India’s overall population, currently live without reliable access to electricity. By embracing solar power, India may be able to resolve this issue, as homeowners will be able to generate electrical power in a reliable fashion. This is crucial to India’s continued economic growth, as the demand for energy among consumers is growing at a very rapid pace.