Glasgow, Pretr. The UK will provide an ‘India Green Guarantee’ to the World Bank for an additional amount of £750 million (about Rs 7,500 crore) for green projects in India. The announcement was made at the CAP-26 summit being held in Glasgow on Monday.
The Green Guarantee funding will support clean and resilient infrastructure in areas such as clean energy, transportation and urban development. In addition, Britain under the aid-backed Private Infrastructure Development Group (PIDG) contributed over £210 million (about Rs 2100 crore) to the United Nations Climate Summit to support transformational green projects in developing countries, including electric vehicles in India. committed to make new investments.
Britain’s PIDG funding will be carried out in various schemes including electric vehicle manufacturing in India, green bonds in Vietnam and solar power in Burkina Faso, Pakistan, Nepal and Chad, in addition to private sector finance from £47 million (about Rs 4,700 crore). Hoping to raise more.
British Prime Minister Boris Johnson said, ‘I want to see Britain’s Green Industrial Revolution on a global scale. The pace of change on clean technology and infrastructure is unbelievable, but no country should be left behind in the race to save the planet.
In this summit, Prime Minister Modi called for starting preparations from now to achieve the Net Zero Emission target in the year 2070. Under this, India will reduce the amount of carbon in its economy by 45 percent by the year 2030. For this, 100 million tonnes of carbon emissions will be reduced.
Also, by 2030, 50 percent of the country’s energy needs will be met from non-conventional energy sources. For this, by the year 2030, five lakh MW of electricity will be produced from renewable sources i.e. solar, wind, hydro etc. Till now this target was 4.50 lakh MW.
