India and UK announce plan to jointly push green growth
- The new investments will support India’s target of generating 450GW of renewable energy by 2030.
India and the UK on Thursday announced new steps to tackle climate change, including a $1.2-billion package of public and private investments in green projects and renewable energy, and a new initiative to mobilise private capital for sustainable infrastructure.
The Climate Finance Leadership Initiative (CFLI) India initiative, backed by the City of London Corporation and led by Bloomberg’s CFLI, was unveiled during the 11th economic and financial dialogue (EFD) held virtually by finance minister Nirmala Sitharaman and her British counterpart Rishi Sunak.
Sunak said: “Supporting India’s green growth is a shared priority, so I’m pleased that we’ve announced a $1.2bn investment package and launched the new CFLI India partnership to boost investment in sustainable projects in India...”
The new investments will support India’s target of generating 450GW of renewable energy by 2030.
The two sides concluded agreements on a $1-billion investment from CDC, the UK’s development finance institution, in projects in India during 2022-26, and a new $200 million private and multilateral investment into the UK-India Green Growth Equity Fund for renewable energy.