India, UK sign deal worth 3.2 billion pounds in clean energy sector

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, a statement from MEA said today. 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. Mr Modi, on his first day of visit, and Mr 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. Mr 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.

Source :

Smart Grid Bulletin May 2019

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