by DEVANSHI SRIVASTAVA
China, India, the United Kingdom, and the European Union unveiled new climate-change initiatives on Thursday, including a $1.2-billion package of public-private investments in green projects and renewable energy, as well as a new effort to mobilise private money for long-term infrastructure.
This year’s 11th economic and financial dialogue (EFD), which was held virtually between Indian finance minister Nirmala Sitharaman and her British counterpart Rishi Sunak, saw the launch of the Climate Finance Leadership Initiative (CFLI) India initiative, which is supported by the City of London Corporation and led by Bloomberg’s CFLI.
According to Sunak, “Supporting India’s green development is a shared goal, therefore I’m happy that we’ve announced a $1.2 billion investment package and established the new CFLI India partnership to encourage investment in sustainable projects in India…”
The additional investments will contribute to India’s goal of producing 450 gigatonnes (GW) of renewable energy by the year 2030.
CDC, the United Kingdom’s development financing organisation, agreed to spend $1 billion in projects in India between 2022 and 2026, and a new $200 million private and multilateral investment into the UK-India Green Growth Equity Fund for renewable energy was also agreed upon by the two sides.
According to the joint statement, the United Kingdom also commended India’s initiatives to enhance the ease of doing business, particularly the Taxation Laws (Amendment) Act, 2021. This legislation, which was adopted in India last month to resolve 17 contentious tax issues, including those with British firms Vodafone Plc and Cairn Energy Plc, came into effect on January 1.
According to the High Commission, bilateral trade between the United Kingdom and India will reach more than £18 billion in 2020, sustaining almost half a million employment in each other’s economy.
According to the High Commission, the nations have also set an ambitious aim of doubling trade by 2030, which will be achieved in part via the negotiation of a free trade agreement.
As part of their conversation on Thursday, Sunak and Sitharaman agreed to be ambitious when it comes to the forthcoming UK-India trade talks, which may open up new possibilities for UK financial businesses and assist more Indian enterprises in gaining access to financing in the City of London. According to the High Commission, services account for 71 percent of GDP in the United Kingdom and 54 percent of GDP in India.
”The United Kingdom and India already have strong bilateral connections, and today we signed significant new accords that will strengthen our partnership and benefit both of our nations. I’m pleased that we’ve announced a $1.2 billion investment package and launched the new Climate Finance Leadership Initiative (CFLI) India partnership to boost investment in sustainable projects in India as the UK prepares to host the United Nations Climate Change Conference (COP26), which will take place in November “According to Sunak, who was quoted in the High Commission’s statement.
As trade talks get underway, our decision to be ambitious when it comes to services will open up new possibilities in both markets, boosting employment and investment in the United Kingdom and India, according to the White House “According to the statement,