World Solar Bank to be launched by ISA

World Solar Bank:

The International Solar Alliance (ISA) has planned to launch the World Solar Bank (WSB) at the United Nations Climate Change Conference in Glasgow that is scheduled for November 2021.

Highlights

  • The development of the World Solar Bank will support India’s attempt to secure its leadership in the climate arena.
  • The development of the bank is significant because green finance will be one of the priority themes at the climate meet called COP-26.
  • COP-26 will be organized in the backdrop of the US rejoining the Paris climate accord.
  • The headquarter of the World Solar Bank is expected to be set up in India.
  • It will be the first multilateral development bank (MDB) that will be set up in India.
  • The WSB has planned to disburse around $50 billion to the member countries of ISA over the next 10 years.

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