$1 billion guarantee can lead to $15 billion investment for solar energy
A USD 1 billion guarantee could crowd in up to USD 15 billion of investments for 20 gigawatts (GW) of solar PV capacity in more than 20 countries, says a study by Common Risk Mitigation Mechanism.
The CRMM is a multilateral market platform, which received initial support from 17 countries with high solar potential, including India, France, Australia, Mali, Namibia, and Nigeria.
The study was released yesterday at the India Pavilion at the COP23 climate negotiations in Bonn, according to an officials statement here today.
It outlines the 20 GW plan as a pilot phase with its eventual aim to leverage billions of dollars of impact capital to catalyse USD 1 trillion of domestic and international private institutional capital, and transform global renewable energy markets.