International Solar Alliance bank
Why in news?
- The International Solar Alliance (ISA) is going to propose a new bank exclusively for financing energy access to billions.
- The bank is still at the ideation stage.
- ISA has asked the Asian Development Bank to prepare a concept note. A public-private partnership is being thought of for the proposed, which will work for 1.2 billion people who lack access to energy as well as the 2.4 billion who lack access to clean energy.
- According to a recent World Bank report, 600 million people would continue to have no access to energy even in 2040.
- Those using kerosene and other fuels that are costlier than renewable options.
- The bank would need to prioritise these groups and develop a mechanism.
- Existing banks do not focus on universal energy access those still deprived are the poorest of the poor.
- Hence ISA needs special finance mechanism which can target these people.
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