Current Affairs - Finance - Discussion

The Asian Development Bank (ADB) approved a loan of USD 240.5 million to support the deployment of rooftop solar systems in India. This financing aids the government's renewable energy expansion efforts and aligns with India's goal of achieving 50% of its cumulative electric power capacity from non-fossil fuel sources by 2030. The funds will be allocated to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) to provide loans for installing these systems, contributing significantly to India's renewable energy targets and carbon emission reduction commitments.