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Business News/ News / India/  Cabinet clears scheme to support climate action at state level
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New Delhi: The Cabinet on Wednesday cleared a project that will financially support state governments to take climate action and supplement the central government's efforts in this area.

The scheme, City Investments to Innovate, Integrate and Sustain 2.0, was cleared by the union cabinet chaired by Prime Minister Narendra Modi, an official statement said. 

The scheme is conceived in partnership with the French Development Agency (AFD), Kreditanstalt für Wiederaufbau (KfW), the European Union (EU), and New Delhi-based National Institute of Urban Affairs (NIUA). The program will run for a period of four years from 2023 till 2027, said the statement.

It will support competitively selected projects that promote circular economy with focus on integrated waste management at the city level. The scheme will also support climate-oriented reform actions at the state level and institutional strengthening and knowledge dissemination at the national level, said the statement.

The funding entails a loan of 1760 crore (EUR 200 million) from AFD and KfW (EUR 100 million each) and a technical assistance grant of 106 crore (EUR 12 million) from the EU, the statement said.

The project aims to leverage and scale up the learnings from an earlier version of the scheme launched in 2018 with an outlay of 933 crore (EUR 106 million).

The union cabinet also cleared a proposal to set up a regional office of the Universal Postal Union (UPU), an agency of the UN, in New Delhi, by entering into an agreement with the agency, said the statement. This would help expand India’s diplomatic footprint and strengthen relations with other countries, specially in Asia-Pacific region, and will enhance India’s presence at the global postal forums, the statement said. 

ABOUT THE AUTHOR
Gireesh Chandra Prasad
Gireesh has over 22 years of experience in business journalism covering diverse aspects of the economy, including finance, taxation, energy, aviation, corporate and bankruptcy laws, accounting and auditing.
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Updated: 31 May 2023, 05:22 PM IST
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