Solar gets biggest funding from BRICS Bank

- Advertisement -
- Advertisement -

solar-jobs-indiaMonday, July 28, 2014: Newly developed BRICS Bank, jointly formed by BRICS countries, could push solar technology by providing heavy funding. Last week, Brazil, Russia, India, China and South Africa (BRICS) confirmed to join economic forces and form join nation New Development Bank. The new institution would fuel infrastructure and sustainable development projects in BRICS and other developing economies.

Talking to PV Tech, Stephany Griffith-Jones, finance professor at Columbia University and author of BRICS development bank discussion paper in March for the United Nations, said BRICS identified solar as one of their priorities.

Although the actual project funding will take some time, but it will make solar more feasible.
Jones said that NBD based in Shanghai and China enjoys leading role in global solar industry, China have leading role in pushing solar through NDB.

- Advertisement -

Each of the NBD member would contribute an equal of $10 billion to create an initial fund of US$50 billion, scaling up to $100 billion with a focus on renewable energy.On meeting rural electrification goals with solar, Indian PM, Narendra Modi pledge to give all citizens light, Professor Jones said that NBD could be used as its funding mechanism.

India and South Africa both suffers from electricity crisis and it will be the goal of BRICS Bank to expand clean water and energy through solar power. However he called Russia as “little bit the odd man out” as it not the developing country or emerging country as Russia is an oil and natural gas exporter and this mean that they are less interested in renewable energy.
BRICS believes renewable energy can create economic growth, reduce energy cost and increase efficiency in use of natural resources. However, there is a possibility of rivalry with World Bank.

President of Brazil’s ideal institute which is promoting renewable energy in Brazil, Mauro Passos told PV tech that NBDs prioritisation of renewable energy shows difference to the other banks. Passos added that there won’t be any difficulty between NBD and other development banks because they have common objectives.

According to the initial estimates at Columbia University, Professor Jones said in June that US$100 billion NBD funding level can reach loans of US$350 billion in next 20 years which can be used for investment projects of US$68 billion which is bigger than World Bank funding.

- Advertisement -

Related Artcles

Exclusive

“More Chargers Provide Security And Confidence To Customers, Encouraging EV Adoption”

0
With an agenda to transform the EV industry, EarthtronEV has established 250+ charging stations on major highways across India. The company aims to interconnect...

5G RedCap To Transform IoT Module Shipments

0
Over 60% of IoT module shipments will originate from the Asian & Oceania region. Automotive sector is expected to be a significant driver. The...
XR Headset Quest 3, Meta

Global XR Headset Shipments See A Major Decline, Sony Rises

0
Sony grabbed a market share of 24% in 2023 up from 1% in 2022. Bulky form factor, and lag, hinder adoption by serious...

Buzz

Tenstorrent- RISC V cores

MosChip Collaborates With Tenstorrent For Advanced RISC-V Cores

0
Tenstorrent has selected Moschip due to their tape out expertise in design services. India’s MosChip Technologies has announced partnership with computing company Tenstorrent and to...

BYD Aims For 20% Increase In Yearly EV Sales

0
The company is targeting sales of 500,000 vehicles internationally this year, over twice the amount sold last year, and aims to increase that figure...

RRP Electronics To Invest ₹5000 Cr In OSAT and R&D In Maharashtra

0
Cricket legend Sachin Tendulkar is investing in this semiconductor facility. Such celebrated personalities investing in the sector could be a great asset to the...

Important Sectors

“More Chargers Provide Security And Confidence To Customers, Encouraging EV Adoption”

0
With an agenda to transform the EV industry, EarthtronEV has established 250+ charging stations on major highways across India. The company aims to interconnect...

BYD Aims For 20% Increase In Yearly EV Sales

0
The company is targeting sales of 500,000 vehicles internationally this year, over twice the amount sold last year, and aims to increase that figure...

RRP Electronics To Invest ₹5000 Cr In OSAT and R&D In Maharashtra

0
Cricket legend Sachin Tendulkar is investing in this semiconductor facility. Such celebrated personalities investing in the sector could be a great asset to the...

Subsidy Cuts Push E2W Makers Towards Budget Models

0
Electric two-wheeler manufacturers face reduced government subsidies and growing competition from established petrol vehicle brands in the upcoming fiscal year. These challenges compel them...

Nissan To Invest In Renault’s Ampere For EV Roadmap

0
The alliance aims to introduce both five-seater and seven-seater models for each brand in India. Japan's Nissan Motor has committed to investing in Renault's electric...

Manufacturing

JLR To Hire 250 Electrical Technicians For Future EVs

0
These new roles, part of a £15 billion investment, are in addition to 300 positions created last year by the British car maker. Jaguar Land...

Altmin India Partners With WMG To Advance Battery Tech

0
Altmin and WMG will collaborate to strengthen their global battery materials supply chain position by optimizing cathode materials and developing diverse cell designs across...

EVs To Cost Less Than Gas Vehicles by 2027, Says Gartner

0
Gartner predicts a faster decline in production costs compared to battery costs, which represent the most significant expense in an electric vehicle, accounting for...
MG

MG Motor To Set Up Battery Assembly Unit At Halol Facility

0
The company plans to investigate battery cell production in collaboration with external partners. Automaker MG Motor India is actively exploring the possibility of assembling and...

Servotech Boosts India’s EV Charging Infrastructure With Manufacturing Facility

0
The new facility is poised to start with an annual production capacity of 24,000 power modules and plan to scale up to 2.4 lakh...