India, UK to strengthen tie-up in green energy, climate change

Britain and India on Friday committed to support their collaboration in the power and renewable energy under the Memorandum of Understanding on Cooperation in the Energy Sector, which was signed during Prime Minister Narendra Modi's visit to London in November 2015.

Last Tuesday, the two countries reaffirmed their commitment to anchor investment up to 120 million pound each in the joint fund which aims to raise around 500 million pound.

Union Power Minister Piyush Goyal and Britain's Secretary of State for Business, Energy and Industrial Strategy Greg Clark on Friday chaired the inaugural India-UK "Energy for Growth" Dialogue here.

They agreed areas include innovation in smart technology to improve performance and reduce losses in India's power sector, support for increased energy efficiency.

Two countries also agreed to a enhanced energy access, work to accelerate deployment of renewable energy and its integration with the grid; financing for clean energy; decentralised energy scale up and sustainability.

Meanwhile, both ministers appreciated the strides taken by Energy Efficiency Services Limited (EESL), which established operations in Britain by investing around 7 million pound in seven energy saving projects after intense technical and financial due diligence.

Two ministers welcomed the work of the G20 Green Finance Study Group promoting green finance encouraged the issuance of green bonds, among other forms of green finance.

--IANS

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