Mumbai, Aug. 3 -- The Asian Development Bank approved USD one bn to support the Government of India's urban reform agenda and a USD 850 mn loan to accelerate the rooftop solar programme, a combined commitment to boost sustainable growth and livability across cities. The funds are intended to maintain momentum in urban investments and reforms that aim to transform cities into engines of economic growth and innovation. The bank said the programme will strengthen urban institutions and improve integrated economic and spatial planning.
The Urban Transformation and Investment Programme will support the Urban Challenge Fund and reforms to help urban local bodies strengthen finances and expand access to commercial capital, including municipal bonds and other market based financing. Modernising urban governance through digital systems is expected to improve transparency, efficiency and evidence based decision making, while resilient urban regeneration will focus on transit oriented development and improved public space management. The bank noted that cities generate nearly 70 per cent of new jobs and contribute about 63 per cent of gross domestic product.
The Affordable Rooftop Solar Adoption loan facility will help expand rooftop solar at scale and make clean energy more affordable and accessible to millions of households. The programme will support training and certification of at least 6,000 people, at least one third of whom will be women, and will facilitate new model solar villages and innovative distributed solar projects to strengthen domestic clean energy value chains. It will also seek to strengthen vendor accountability, promote women's participation in distributed renewable energy and improve the safe handling and recycling of solar photovoltaic panels and battery waste.
The bank said its support is expected to contribute to India's target of 30 GW of cumulative rooftop solar capacity, reduce carbon dioxide equivalent emissions by 28.8 mn t and expand access to affordable solar energy. Officials added the combined measures aim to address capacity and financing constraints and attract investment.
Published by HT Digital Content Services with permission from Construction World.