According to the World Bank, the deal with the 121-member alliance will foster collaboration between the members and mobilize $1 trillion in investments by 2030.
The agreement was signed by Kim and Indian Power Minister Piyush Goyal.
“India’s plans to virtually triple the share of renewable energy by 2030 will both transform the country’s energy supply and have far-reaching global implications in the fight against climate change,” said World Bank Group President Jim Yong Kim.
“Prime Minister Modi’s personal commitment toward renewable energy, particularly solar, is the driving force behind these investments. The World Bank Group will do all it can to help India meet its ambitious targets, especially around scaling up solar energy,” Kim said.
The alliance was launched by India and France at the U.N. Climate Change Conference in Paris last December.
As part of the agreement, the World Bank will work with other multilateral development banks and financial institutions to develop financing for solar energy development, the World Bank said.
In related news, the World Bank on Thursday signed an agreement with the Indian government to help finance the country's $625 million Grid Connected Rooftop Solar Program.
The project will finance the installation of at least 400 MW of solar photovoltaic installations that will provide clean, renewable energy, and reduce greenhouse gas emissions by displacing thermal generation.
The development of a $200 million shared infrastructure for solar parks project under a public-private partnership model is also in development.
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