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UK-India 11th Economic and Financial Dialogue: Finance Minister Nirmala Sitharaman and UK Chancellor Rishi Sunak on Thursday announced new steps to tackle climate change and boost investment in India. These include a $1.2 billion package of public and private investment in green projects and renewable energy, and joint launch of Climate Finance Leadership Initiative (CFLI) India partnership.

In a tweet, Rishi Sunak said: “The UK and India already have strong ties and today we’ve made important new agreements to boost our relationship and deliver for both countries. We’re announcing a $1.2bn investment package and are launching the new CFLI India partnership."

He further said that supporting India’s green growth is a shared priority so he is pleased that his government announced a $1.2 billion investment package, and launched the new CFLI India partnership to boost investment in sustainable projects in India as the UK gears up to host COP26.

“With trade negotiations also coming up, our agreement to be ambitious when considering services will create new opportunities in both markets, supporting jobs and investment in the UK and India," he said.

The UK government said it has announced “action to help drive India’s green growth, including a $1.2bn package of public and private investment in green projects and renewable energy".

“This includes a $1bn investment from CDC, the UK’s development finance institution in green projects in India, joint investments by both governments to support companies working on innovative green tech solutions, and a new $200m private and multilateral investment into the joint Green Growth Equity Fund which invests in Indian renewable energy," it added.

Both countries also welcomed the launch of the Climate Finance Leadership Initiative (CFLI) India partnership to mobilise private capital into sustainable infrastructure in India, including clean energy like wind and solar power and other green technologies. 

The partnership will be led by a group of leading financial institutions responsible for $6.2 trillion of assets and chaired by Michael Bloomberg, UN Special Envoy on Climate Ambition and Solutions.

 

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