NEW DELHI, June 30, 2016 — The World Bank Group today signed an agreement with the International Solar Alliance (ISA), consisting of 121 countries led by India, to collaborate on increasing solar energy use around the world, with the goal of mobilizing $1 trillion in investments by 2030.

The agreement signed in the presence of Finance Minister Arun Jaitley, Union Minister of State with Independent charge for Power, Coal, New and Renewable Energy Piyush Goyal and World Bank Group President Jim Yong Kim establishes the World Bank Group as a financial partner for the ISA and sees the institution as using its global development network, global knowledge and financing capacity to promote the use of solar energy.

The World Bank also announced that it planned to provide more than $1 billion to support India’s ambitious initiatives to expand solar through investments in solar generation. The World Bank-supported projects under preparation include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market, and transmission lines for solar-rich states. These solar investments for India combined would be the Bank’s largest financing of solar for any country in the world to date.