UK Government agency pledges $80m for renewables in India

A UK Government agency has pledged to invest up to $100 million (£80.6m) to support the renewable energy industry in India. Development finance institution CDC Group is to establish an […]

By Priyanka Shrestha

A UK Government agency has pledged to invest up to $100 million (£80.6m) to support the renewable energy industry in India.

Development finance institution CDC Group is to establish an independent renewable energy company in the country.

UK Business and Energy Secretary Greg Clark and Indian Minister for Power, Coal, New & Renewable Energy Piyush Goyal welcomed the decision following the Economic and Financial Dialogue between the two nations last week, where green finance was an important focus.

The two ministers reaffirmed their governments’ commitment to the UN Framework Convention on Climate Change (UNFCCC) and its Paris Agreement to tackle global climate change.

They explored opportunities for new bilateral co-operation on shared strategic energy priorities such as security, affordability and sustainability.

Mr Clark announced up to £20 million of additional funding under the Energy for Growth partnership to support priority areas for collaboration on power, renewables, energy access, efficiency and oil and gas.

The ministers agreed priorities will include helping India’s power sector companies introduce smart technology to improve performance and reduce losses, support for increased energy efficiency and work to boost deployment of renewable energy.

They also emphasised the vital importance of research and innovation and reaffirmed their commitment to continued excellence with impact in this area.

Latest Podcast