An investment package of USD 1.2 billion (EUR 1bn) to boost India’s green growth was announced on Thursday at the India-UK 11th Economic and Financial Dialogue.
The dialogue meeting also saw the launch of the Climate Finance Leadership Initiative (CFLI) India partnership.
The investment package includes a USD-1-billion investment from CDC, the UK’s development finance institution, in climate-related projects in India in the 2022-2026 period, and a new USD 200 million private and multilateral commitment to the joint Green Growth Equity Fund which invests in India’s renewable energy sector. The financing package also includes joint UK and Indian investments up to GBP 23 million (USD 31.7m/EUR 26.8m) in venture capital funds to support green tech start-ups.
CFLI India, meanwhile, will seek to mobilise private capital into sustainable infrastructure in India. It will be co-chaired by Shemara Wikramanayake, chief executive of Macquarie Group, and Natarajan Chandrasekaran, chairman of Tata Group.
CFLI is a group of financial institutions, led by UN Special Envoy for Climate Ambition and Solutions Michael Bloomberg.
According to BloombergNEF, USD 649 billion in financing may be needed across India’s power sector for the country to reach its 450 GW renewable energy target by 2030.
(USD 1 = EUR 0.844)
(GBP 1 = USD 1.379/EUR 1.164)
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