3.2 Billion Pound Clean Energy Deal Signed Between India-UK

India and United Kingdom signed commercial agreements worth over 3.2 billion pounds in renewable energy sector as the two countries struck  deals to fast -track investments in clean energy sector and stressed the need to foster innovation and research to make clean energy more affordable.

Prime Minister Narendra Modi and his British counterpart David Cameron also emphasised the need of climate finance and of developed countries honouring their commitment to mobilise jointly 100 billion dollar by 2020 from a wide variety of sources, both public and private, in the context of meaningful mitigation actions and transparency on implementation, said a statement from MEA.

Both leaders also committed themselves in tackling climate change. They stressed that it is one of the greatest global challenges of the century having adverse impacts at the national and international levels.

Modi, on his first day of visit, and Cameron pledged to work together for an ambitious and comprehensive agreement under the UNFCCC at the Paris Climate Conference in December 2015 that would be applicable to all.  The two Prime Ministers also welcomed a joint package of 10 million pounds for new joint renewable research centres bringing the total value of Indo-UK clean energy research programme to 60 million pounds.

Modi highlighted the need for large scale, low cost, long term finance to deliver India’s renewable energy ambitions, and noted the potential role that the city of London could play in leveraging international capital towards this end.

Cameron announced the UK Climate Investment venture with the Green Investment Bank, which will invest up to a total of 200 million pounds of UK climate finance in renewable energy and energy efficiency projects in India and Africa.

The two Prime Ministers reaffirmed their commitment to taking action at the domestic level.  Cameron underlined the UK’s commitment to reducing its greenhouse gas emissions by at least 80 per cent by 2050, as set out in the 2008 Climate Change Act, meeting its carbon budgets in the most cost-effective manner.

Modi highlighted India’s commitment to reduce its emissions intensity by 33 35 per cent by 2030 compared to 2005 levels and put in place 40 per cent cumulative electric power installed capacity from non-fossil fuel based energy resources by 2030 through nationally determined development measures and priorities.   

The two Prime Ministers in particular welcomed Lightsource’s plans to invest 2 billion pounds in India, building over 3 GW of solar electricity infrastructure including through a partnership with SREI Infrastructure Finance Limited.

Agencies