NEW DELHI: India and UK announced on Thursday, September 2, a new investment plan to tackle climate change. This includes a $1.2 billion package for private and public investments in green projects and renewable energy. This new initiative is to move private capital towards sustainable infrastructure.
This Climate Finance Leadership Initiative (CFLI) India was backed by the City of London Corporation and led by Bloomberg’s CFLI. This was unveiled during the 11th financial and economic dialogue held online by Nirmala Sitharaman, Finance Minister, India, and Rishi Sunak, Chancellor of the Exchequer. This shared initiative will push India’s green growth and will support India’s target to generate 450 GW of renewable energy by 2030.
Both the sides concluded on an agreement of $1 billion investment from CDC, the UK’s development finance institution, during 2022-26. Moreover, a $200 million multilateral investment in UK-India Green Growth Equity funds has also been decided for generation of renewable energy.