India, UK announce new steps to tackle climate change, boost investment

New Delhi : India and the UK on Thursday announced new steps to tackle climate change and boost investment, including a $1.2 billion package of public and private investment in green projects and renewable energy, and the joint launch of the Climate Finance Leadership Initiative (CFLI) India partnership.

These investments will support India’s target of producing 450GW renewable energy by 2030, said a UK High Commission press statement.

UK Chancellor Rishi Sunak and Indian Finance Minister Nirmala Sitharaman meeting virtually for the bilateral 11th Economic and Financial Dialogue (EFD) also agreed to be ambitious when considering services in the upcoming UK-India trade negotiations. Services account for 71% of UK GDP, and 54% of Indian GDP.

“The UK-India economic relationship is already strong with bilateral trade of over £18 billion in 2020, supporting nearly half-a-million jobs in each other’s economies.

“Earlier this year, the UK and Indian Prime Ministers launched the UK-India 2030 Roadmap, to bring the economies and people closer together over the next decade and boost cooperation in areas that matter to both countries. The countries have also set out an ambitious goal to double their trade by 2030, including through negotiating a Free Trade Agreement, said the statement.

UK Chancellor of the Exchequer, Rishi Sunak, said: “The UK and India already have strong ties, and today we’ve reached important new agreements to boost our relationship and deliver for both our countries. Supporting India’s green growth is a shared priority so I’m pleased that we’ve announced a $1.2bn 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.”