The World Bank Board of Executive Directors approved $165 million in additional financing to support India’s residential sector to adopt rooftop solar systems and make solar energy more affordable.
These solar photovoltaic (PV) installations will provide clean, renewable energy, and reduce greenhouse gas emissions by displacing generation based on fossil fuels. The project is projected to reduce greenhouse gas (GHG) emissions by 13.9 million tons.
“India’s power sector is a key contributor to air pollution and carbon emissions and represents about half of the country’s total energy-related CO2 emissions. It is imperative to decarbonize the power sector by significantly increasing the use of renewable energy,” said Hideki Mori, the World Bank’s Acting Country Director for India.
“This additional financing will increase India’s installed capacity of grid-connected rooftop solar and help India towards its goal of sourcing 50 percent of its energy needs from renewable sources by 2030.”
India currently ranks fifth globally in terms of annual solar power generation. However, significant land area is required to set up renewable energy plants, particularly the large-scale ground-mounted solar power projects. The government therefore is looking to increase the country’s rooftop solar capacity.