You are here: Home » Current Affairs » News » National
Business Standard

Germany pledges additional 10 bn euros for India's climate action targets

India had committed to net zero emissions by 2070 and declared to source 50 per cent energy requirements from renewables by 2030

Topics
Germany | India Germany

Press Trust of India  |  Berlin 

PM Modi and the Chancellor of Germany Olaf Scholz in a group photograph, during the Plenary Meeting of the Inter-Governmental Consultations, in Berlin. (ANI Photo)
PM Modi and the Chancellor of Germany Olaf Scholz in a group photograph, during the Plenary Meeting of the Inter-Governmental Consultations, in Berlin. (ANI Photo)

on Monday committed an additional 10 billion euros assistance to India to help achieve climate action targets set for 2030 which include sourcing 50 per cent energy requirement from renewables and installing 500 GW of non-fossil fuel electricity capacity.

" intends to strengthen its financial and technical cooperation and other assistance to India with a long-term goal of at least 10 billion euros of new and additional commitments till 2030 under this Partnership (for green and sustainable development),” said a joint statement issued after the sixth India- Inter-Governmental Consultations (IGC) here.

The joint statement was issued after talks between Prime Minister Narendra Modi and German Chancellor Olaf Scholz.

The two leaders agreed to create a bilateral ministerial mechanism within the IGC to provide political direction to this partnership.

At the COP-26 in Glasgow, India had committed to net zero emissions by 2070 and declared to source 50 per cent energy requirements from renewables by 2030. It had also assured to install 500 GW of non-fossil fuel power capacity and achieve carbon intensity reduction of 45 per cent over 2005 levels by 2030.

"This will support inter alia the achievement of their ambitious goals in the climate action and sustainable development space, further promote German-Indian research and development (R&D), encourage private investment and thus aim at leveraging further funding,” it said.

Both Modi and Scholz said the Indo-German Cooperation on Sustainable Development and Climate Action was guided by their commitments under the Paris Agreement and the SDGs, including making efforts to limiting the increase in the global average temperature to well below 2 degrees Celsius above pre-industrial levels and to limit the temperature increase to 1.5 degrees Celsius above pre-industrial levels.

As deliverables of the Indo-German Partnership for Green and Sustainable Development, both sides agreed to develop an Indo-German Green Hydrogen Roadmap based on the inputs by the Task Force supported by the Indo-German Energy Forum (IGEF).

They also agreed to establish an Indo-German Renewable Energy Partnership focusing on innovative solar energy and other renewables, including the associated challenges for electricity grids, storage and market design to facilitate a just energy transition.

The two leaders also agreed to further examine collaboration on green energy corridors such as the Leh-Haryana transmission line and the project of a carbon neutral Ladakh.

Both sides agreed to strengthen collaboration on risk finance and insurance solutions against climate and disaster risks as well as capacity building via the Global Initiative for Disaster Risk Management.

Germany welcomed the Indian announcement to become a member of the InsuResilience Global Partnership.

The joint statement said that both sides agreed to enhance collaboration with the Indian and German private sector in the context of public-private partnerships for innovation and investments in SDGs and climate goals in particular through DeveloPPP and structured funding mechanisms to mobilise the private sector.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, May 02 2022. 22:49 IST
RECOMMENDED FOR YOU
.