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CoP26: UK launches India Green Guarantee, commits new funds for EVs in India


The inexperienced assure financing will assist clear and resilient infrastructure in sectors akin to clear vitality, transport and concrete growth.

The UK will present an “India Green Guarantee” to the World Bank, to unlock a further 750 million kilos for inexperienced tasks throughout India, it was introduced on the COP26 summit in Glasgow on Monday.

The inexperienced assure financing will assist clear and resilient infrastructure in sectors akin to clear vitality, transport and concrete growth.

Further, in an aid-backed Private Infrastructure Development Group (PIDG), the UK has dedicated greater than 210 million kilos in new funding on the UN local weather summit to again transformational inexperienced tasks in creating nations, together with electrical automobiles (EVs) in India.

The U.Ok.’s PIDG financing will go to schemes together with electrical car manufacturing in India, inexperienced bonds in Vietnam and solar energy in Burkina Faso, Pakistan, Nepal and Chad – tasks that are anticipated to mobilise greater than 470 million kilos in extra non-public sector finance.

“I want to see the UK’s Green Industrial Revolution go global. The pace of change on clean technology and infrastructure is incredible, but no country should be left behind in the race to save our planet,” mentioned British Prime Minister Boris Johnson.

“The climate has often been a silent victim of economic growth and progress — but the opposite should now be true. Through the Clean Green Initiative, we can help to build back better and greener from the pandemic and put the world on the path to a more sustainable future,” he mentioned.

The “Clean Green Initiative” was additionally launched at COP26 to assist creating nations reap the benefits of inexperienced expertise and develop their economies sustainably. The funding kickstarts the U.Ok.’s new Clean Green Initiative (CGI), which can assist to scale up private and non-private funding in high quality, sustainable infrastructure globally.

In addition, the UK additionally introduced a package deal of ensures to multilateral growth banks that can present a significant enhance to investments in climate-related tasks in India and throughout Africa.

The UK Prime Minister emphasised the significance of offering local weather finance for the creating world, the democratisation of inexperienced tech and different options to the local weather disaster at an Action and Solidarity Roundtable at COP26, alongside Prime Minister Narendra Modi, U.S. President Joe Biden and 24 different nations.

UK Foreign Secretary Liz Truss mentioned: “Developing countries need the right form of investment to help drive clean growth, whilst dealing with the impacts of climate change.

“The opportunities are clear and this new initiative will enable us to seize them, working closely with our allies to deliver honest and responsible investment and cleaner and more reliable infrastructure in the developing world.”

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