UK launches India’s Green Guarantee, commits new funds for electric vehicles in India
Additionally, in an aid-backed Private Infrastructure Development Group (PIDG), the UK has committed over £ 210million in new investments at the UN climate summit to support transformational green projects. in developing countries, including electric vehicles (EVs) in India.
Initiative will unlock an additional £ 750million for green projects across India
The United Kingdom will provide an “India Green Guarantee” to the World Bank, to release an additional 750 million pounds for green projects across India, it was announced Monday at the COP26 summit in Glasgow. Green Guarantee funding will support clean and resilient infrastructure in sectors such as clean energy, transport and urban development. In addition, in an aid-backed Private Infrastructure Development Group (PIDG), the UK has pledged more than £ 210million in new investments at the UN climate summit to support projects transformational greens in developing countries, including electric vehicles (EVs) in India.
UK PIDG funding will go to projects such as electric vehicle manufacturing in India, green bonds in Vietnam and solar power in Burkina Faso, Pakistan, Nepal and Chad – projects that are expected to mobilize over £ 470 million in additional private sector funding.
“I want to see the UK’s green industrial revolution go global. The pace of change in clean technology and infrastructure is incredible, but no country should be left behind in the race to save our planet,” said British Prime Minister Boris Johnson said. . “The climate has often been a silent victim of economic growth and progress – but the opposite should now be true. Through the Clean Green initiative, we can help rebuild better and more environmentally after the pandemic and put the world on the way to a more sustainable future, ”he said.
The Clean Green Initiative was also launched at COP26 to help developing countries take advantage of green technologies and develop their economies in a sustainable manner. The funding kicks off the UK’s new Clean Green Initiative (CGI), which will help increase public and private investment in sustainable, quality infrastructure globally.
In addition, the UK has also announced a package of guarantees to multilateral development banks that will significantly boost investment in climate-related projects in India and across Africa. UK Prime Minister highlighted the importance of providing climate finance for the developing world, democratizing green technologies and other solutions to the climate crisis during a roundtable on action and solidarity at COP26 , alongside Prime Minister Narendra Modi, US President Joe Biden and 24 other countries.
UK Foreign Secretary Liz Truss said: “Developing countries need the right form of investment to help boost clean growth, while dealing with the impacts of climate change. The opportunities are clear and this new initiative will allow us to seize them, working closely with our allies to deliver honest and responsible investments and cleaner, more reliable infrastructure in the developing world. “
(This story was not edited by NDTV staff and is auto-generated from a syndicated feed.)
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