More global entities, banks need to join hands with ISA: Finance Minister

New Delhi: Finance Minister Arun Jaitley on Thursday said more and more multilateral institutions and development banks need to join hands with the International Solar Alliance (ISA) to promote renewable energy.

He was speaking at the signing of Joint Financial Partnership Declaration between ISA and the European Bank for Reconstruction and Development (EBRD) here to deepen the cooperation in support of renewable energy.

Observing the first financial partnership collaboration of ISA with the World Bank, Jaitley said "more and more multilateral and development banks should come forward and join hands with ISA" in help fulfilling the objectives of massive and affordable deployment of solar among 121 ISA member countries.

He said ISA needs to firm-up such financial partnership deals with more multilateral and bilateral donor agencies "in order to meet its stated objectives of getting better technology".

ISA is working for deployment of over 1000 GW of solar energy and mobilising more than USD 1 trillion into solar energy by the year 2030.

Similarly the EBRD is interested increasing its green financing portfolio to 40 per cent of its annual business.

The International Solar Alliance (ISA) is an initiative jointly launched by Prime Minister Narendra Modi and President of France in November 2015 at Paris, in the presence of the UN Secretary General, on the sidelines of COP21 UN Climate Change Conference.

Jaitley said India has been in the forefront of the ISA as the country's energy requirements are huge and it wants to make optimal use of new and renewable sources.