Modi allocates $150 billion for Pacific Island nations for climate projects

NEW YORK: Prime Minister Narendra Modi has announced that India would be putting a line of credit of $150 billion for the group of Pacific Island nations who undertake solar, renewable energy and climate related projects based on their requirement. The announcement of the allocation of the credit was made at the India-Pacific Islands Developing States (PSIDS) Leaders’ Meeting. The Prime Minister also announced an allocation of $12 million which could be utilised by member states who are looking towards the implementation of high impact developmental projects in their chosen areas.

In addition, a concessional line of credit of $150 billion which can be availed by the PSIDS for undertaking solar, renewable energy and climate related projects based on each country’s requirement was announced, according to a press release issued here.

Modi emphasised that India and the PSIDS have shared values and a shared future and highlighted the need for development policies to be inclusive and sustainable to reduce inequality and improve the quality of people’s lives.

He underlined the reality of climate change and called for increasing the share of renewable energy in the total energy mix to mitigate many adverse effects of climate change.

The PM also expressed India’s readiness to share its experiences in developing alternate energy as many countries from the region have joined the International Solar Alliance and invited others to join this initiative.