UK and India announce $1.2bn green growth initiative

The Climate Finance Leadership Initiative India partnership has also been launched to mobilise private capital into sustainable infrastructure in India, including solar and wind power and other green technologies

Pathway to COP26 report

The UK and India have announced a $1.2 billion (£0.87bn) package of public and private finance to help drive South Asian country’s green growth.

It includes a $1 billion (£0.7bn) investment from CDC, the UK’s development finance institution, joint investments from both governments to support businesses working on innovation green tech solutions as well as a new $200 million (£144.7m) private and multilateral investment into the joint Green Growth Equity Fund which invests in renewable energy in India.

The Climate Finance Leadership Initiative (CFLI) India partnership has also been launched to mobilise private capital into sustainable infrastructure in India, including solar and wind power and other green technologies.

The partnership will be led by a group of financial institutions responsible for $6.2 trillion (£4.5tn) of assets and chaired by Michael Bloomberg, UN Special Envoy on Climate Ambition and Solutions.

The investment and initiative were confirmed at the 11th Economic and Financial Dialogue (EFD) yesterday, where UK Chancellor Rishi Sunak and Indian Finance Minister Nirmala Sitharaman met to discuss green investments, tackling climate change and their shared vision for economic growth and sustainability.

Mr Sunak said: “The UK and India already have strong ties and today we’ve made important new agreements to boost our relationship and deliver for both our countries.

“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 as the UK gears up to host COP26.

“With trade negotiations also coming up, our agreement to be ambitious when considering services will create new opportunities in both markets, supporting jobs and investment in the UK and India.”

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