Sir David King, UK Foreign Secretary’s Special Representative for Climate Change, delivered a speech at 9th India Climate Policy and Business Conclave in Delhi today.
During a recent visit by Indian Prime Minister Modi to the UK, the two countries issued a joint statement on climate change and energy, and signed Memoranda of Understanding (MoUs) on power and renewables, as well as on joint training and experience sharing on civil nuclear with the Indian Global Centre for Nuclear Energy Partnership.
“In India, UK climate finance is making big investments in through bilateral and multi-lateral programmes. It is also funding technical assistance on energy efficiency, renewable energy and climate resilience,” Sir David King said.
He went on to say: “Through our £51 million contribution to the Climate Public Private Partnership Programme (CP3) we are helping bring in a number of Institutional Investors as co-investors. These funds are run on a strictly commercial basis by professional fund managers.
“Projects funded include renewable energy, energy efficiency and waste management projects. We have invested £200mn to support the international pilot of the UK’s Green Investment Bank. In India, it is looking to make equity investments in renewable energy projects.”
Sir David King concluded: “The Paris agreement sends an important signal for our direction of travel. If we are to reach our destination in one piece, we will need a huge push on investment in clean, green technology. To achieve the scale of finance required it will be critical for governments, policy makers and businesses to work together in innovative ways.”
Lately, India has been pushing for renewables to meet the growing power demand by using its vast renewable resources.
At the beginning of February, Gupta family interests have committed to an eight-figure investment over time in the development of tidal lagoon power plants in the UK and India.
A month earlier, the Union Cabinet of India approved the country’s membership in the International Energy Agency – Ocean Energy Systems (IEA-OES), by which India will gain access to advanced R&D teams and technologies across the world.
The India Climate Policy and Business Conclave is India’s flagship event in the climate change domain. It was launched by FICCI in November 2007 as the “India Carbon Market Conclave”, and then rechristened as “India Climate Policy and Business Conclave” in 2013 to reflect the business perspectives and initiatives on climate change mitigation and adaptation.