Germany to provide € 10 bn assistance for Green Growth of India

NEW DELHI: Under the Indo-German Partnership for Green and Sustainable Development, Germany will provide the assistance of up to € 10 till 2030 for the green and inclusive growth of India along with the cooperation in research and development of green climate technologies.

Joint Declaration of Intent on Green and Sustainable Development Partnership was signed on  May 2, during the visit of Indian Prime Minister Narendra Modi to Germany. Along with the monetary assistance, Germany will also help India in developing technologies to facilitate a faster transition from fossil fuel energy to sustainable alternatives like hydrogen energy. The research and development will further attract private investment in clean fuel technology.

This India-Germany partnership is in line with the commitment of both the countries under the Paris Climate deal of 2015. The Agreement asks the countries to make efforts to contain the increase of global average temperature under 2 degrees above the pre-industrial level and to make best efforts to limit the increase of temperature under 1.5 degrees.  India during the COP26 Glasgow summit had also made the commitment to achieve net-zero by 2070 and to generate 50% of electricity through renewable sources.