Germany unveils Rs 8,440 crore funding for green energy projects in India – EQ Mag
Germany has announced a proposal to provide Rs 8,440 crore to India for green energy projects in the country.
By Akshay Dongare: Germany has unveiled a proposal to provide 1 billion Euro (Rs 8440 crore) to India for energy transition projects across the country under a bilateral partnership for green and sustainable development.
The announcement comes days ahead of German Foreign Minister Annalena Baerbock’s visit to India in December and in the backdrop of the development partnership for green and sustainable development signed between Prime Minister Narendra Modi and German Chancellor Olaf Scholz in May this year.
In May, after signing the agreement with PM Modi, German Chancellor Olaf Scholz announced a support of 10 billion Euro to India by 2030. The funding of 1 billion Euro for the projects in India is part of this pledge.
The German Ambassador to India, Philipp Ackermann, during a press briefing on Wednesday said, “The two sides agreed on the funding for more than 20 development projects over the next 8 years. The funding, including 10% grants and 90% in the form of lines of credit, will support India’s efforts in the fields of renewable energy, sustainable urban development in smart cities and sustainable use of natural resources.”
“The lines of credit will be provided by KfW Development Bank with “very cheap interest” ranging from 2.75% to 3.25% for development projects across the country. “We are keen to cover the whole country through this initiative and support all good ideas,” Ackermann said.
Negotiations between the Indian and German governments on development policy this week focused on concrete agreements and projects. All the new ventures will help cut greenhouse gas emissions or help adapt to climate change.
Source: PTI
