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 UK’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 mobilize more than 470 million pounds in additional private sector finance.
Official statements
“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. 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.”
Additional plans
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 emphasized the importance of providing climate finance for the developing world, the democratization of green tech, and other solutions to the climate crisis at an Action and Solidarity Roundtable at COP26, alongside Prime Minister Narendra Modi, US President Joe Biden, and 24 other countries.
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