The UK will provide an “India Green Guarantee” to the World Bank, to unlock an additional 750 million pounds for green projects across India, it was announced at the COP26 summit in Glasgow on Monday.
The green guarantee financing will support clean and resilient infrastructure in sectors such as clean energy, transport and urban development.
Further, in an aid-backed Private Infrastructure Development Group (PIDG), the UK has committed more than 210 million pounds in new investment at the UN climate summit to back transformational green projects in developing countries, including electric vehicles (EVs) in India.
The U.K.’s PIDG financing will go to schemes including electric vehicle manufacturing in India, green bonds in Vietnam and solar power in Burkina Faso, Pakistan, Nepal and Chad – projects which are expected to mobilise more than 470 million pounds in additional private sector finance.
“I want to see the UK’s Green Industrial Revolution go global. The pace of change on clean technology and infrastructure is incredible, but no country should be left behind in the race to save our planet,” said British Prime Minister Boris Johnson.
“The climate has often been a silent victim of economic growth and progress — but the opposite should now be true. Through the Clean Green Initiative, we can help to build back better and greener from the pandemic and put the world on the path to a more sustainable future,” he said.
The “Clean Green Initiative” was also launched at COP26 to help developing countries take advantage of green technology and grow their economies sustainably. The funding kickstarts the U.K.’s new Clean Green Initiative (CGI), which will help to scale up public and private investment in quality, sustainable infrastructure globally.
In addition, the UK also announced a package of guarantees to multilateral development banks that will provide a major boost to investments in climate-related projects in India and across Africa.
The UK Prime Minister emphasised the importance of providing climate finance for the developing world, the democratisation of green tech and other solutions to the climate crisis at an Action and Solidarity Roundtable at COP26, alongside Prime Minister Narendra Modi, U.S. President Joe Biden and 24 other countries.
UK Foreign Secretary Liz Truss said: “Developing countries need the right form of investment to help drive clean growth, whilst dealing with the impacts of climate change.
“The opportunities are clear and this new initiative will enable us to seize them, working closely with our allies to deliver honest and responsible investment and cleaner and more reliable infrastructure in the developing world.”