Saturday, 28 January 2023

UK and India to invest in renewable and green projects

UK and India to invest in renewable and green projects

On Thursday, India and the UK agreed on USD 1.2 billion investment in renewable energy and green projects to boost India's green growth ambitions.

India-UK Economic 11th and Financial Dialogue between Finance Minister and British counterpart Rishi Sunak,

Sunak and Sitharaman, who met virtually for the annual summit, signed off the USD 1.2-billion private and public investment in India's green projects and renewable energy.

These include USD 1 billion investment from CDC, the United Kingdom's development finance organization in a green project in India, joint investments by both governments to support companies working on innovative green tech solutions,

New USD 200 million multilateral and private investment into the joint Green Growth Equity Fund invest in the Indian renewable energy sector.

CFLIA (new Climate Finance Leadership Initiative) India partnership has also been agreed to mobilize private capital into the viable structure in India, which includes clean energy like solar power and wind power, and other green technology.

Sunak said

"The India and UK already have strong relation, and today we've made important new harmony to boost the relationship and deliver from both our countries,"

He said.

"Supporting India green growth project is a shared priority so I'm pleased that we've announce a USD 1.2 billion investment fund package, and launched a new CFLI India partnership, to boost up the investment in viable projects in India as UK gears up to host COP26,"

He said.

"With trade negotiation also coming up, our agreement to be eager when considering services will create new opportunity in both market, supporting jobs and investment in India and UK,"

UK and India to invest in renewable and green projects 1pixabay image

Read More: GDP to grow of India in 18.5 % in the third quarter

The EFD (Economic and Financial Dialogue), both the nation's ministers, agreed to be eager when considering services in the upcoming India-UK trade talk and strengthening the financial market joint efforts already in progress for economic development.

The UK also welcomed India's latest decision to raise the FDI (Foreign Direct Investment) cap in the insurance industry from 49 to 74 percent, which will help British companies to take greater ownership of the operation in the Indian market.

As per UK government statistics, UK-India bilateral trade stands at around 18 billion Pounds in 2020 and supports nearly half a million jobs in each other economy.

Earlier this year, both countries set a goal to double the trade by 2030, including negotiating an FTA (Free Trade Agreement) following ETP and (Enhanced Trade Partnership) agreed between Prime Minister Narendra Modi and UK Prime Minister Boris Johnson.

The mutual declaration signed at the end of EFD covers a broad range of areas, including financial services, opening new opportunities for UK financial firms, and helping more Indian companies access finance in London.

According to official figures, Indian firms have raised 13.41 GBP billion in Masala, green bonds, and dollar listed on the London Stock Exchange (LSE) over the last five years, with an LSE dubbed the "largest global centres for Masala Bonds."

The two governments also welcomed the India-UK Global Innovation Partnership launch under the Trilateral Development Cooperation Framework. India and the UK will co-finance equally a fund over 14 years to support the transfer and scale-up of climate-smart inclusive innovations from India to third countries.

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