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What is the News?
The India and UK Finance Minister has agreed on a USD 1.2 billion investment in green projects and renewable energy to boost India’s green growth ambitions at the 11th India-UK Economic and Financial Dialogue.
What are the investments announced by India and the UK?
- A $1-billion investment from CDC, the UK’s development finance institution in green projects in India during 2022-26.
- A $200 million private and multilateral investment into the UK-India Green Growth Equity Fund for renewable energy and
- A Climate Finance Leadership Initiative(CFLI).
About UK-India Green Growth Equity Fund:
It was established with investment from India’s National Investment and Infrastructure Fund (NIIF) and Foreign, Commonwealth & Development Office (FCDO), Government of UK.
The fund invests in scalable operating companies and platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation and associated value chains in India.
The UK-India Green Growth Equity Fund is based in Mumbai and EverSource is the fund manager
About Climate Finance Leadership Initiative(CFLI):
It is aimed at mobilizing private capital into sustainable infrastructure in India. These investments will support India’s target of 450 gigawatts (GW) renewable energy by 2030.
The initiative will be backed by the City of London Corporation and led by Bloomberg’s CFLI.
Source: This post is based on the article “India’s green projects to get UK funds” published in Livemint on 3rd September 2021.