COP26: UK launches India Green Guarantee, commits new funds for EVs in India

Image credit: ANI

Glasgow: 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 (November 1).

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 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.