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India, UK ink £3.2-bn energy-climate change deals

Ahead of the Paris climate summit, India and Britain have agreed on a comprehensive package of collaboration on energy and climate change which includes commercial deals worth 3.2 billion pounds.

During Prime Minister Narendra Modi’s ongoing UK visit, the two countries reaffirmed the importance of addressing climate change and promoting secure, affordable and sustainable supplies of energy that will support economic growth, energy security and energy access.

“The UK and India’s partnership on energy is going from strength to strength. We share world-class expertise in research and innovation. The UK’s experience in green finance and technology in particular makes us well-placed to work together to promote secure, affordable and sustainable supplies of energy and address climate change,” said UK energy and climate change secretary Amber Rudd.

“The upcoming talks in Paris will be a crucial moment in the fight against climate change and I am pleased to be able to work closely with India to ensure that the deal we secure helps to keep the below 2 degree limit on global warming within reach,” she added.

The package encompasses 3.2 billion pounds of commercial agreements, joint research programmes and initiatives to share technical, scientific, and financial and policy expertise. This is aimed at encouraging the research, development and eventual deployment of clean technology, renewables, gas and nuclear.

As part of the package, Britain also announced the UK Climate Investments joint venture with the Green Investment Bank. This will invest up to 200 million pounds in renewable energy and energy efficiency in India and Africa.

The two countries also agreed on the need for an ambitious and comprehensive global agreement to tackle climate change in Paris later this month and that the agreement should signal to investors and innovators the long term commitment of governments to clean and more sustainable economies.

Modi and his UK counterpart David Cameron also welcomed the completion of negotiations for a Nuclear Cooperation Agreement and the signing of a Memorandum of Understanding (MoU) related to closer civil nuclear collaboration between the UK and India.

Meanwhile, Yes Bank said it has signed a pact with the LSE for bonds and equity issuance with focus on green infrastructure finance, under which it plans to list up to $500 million green bond on the bourse by December next year. 

The private sector lender also said it may use the agreement to raise equity capital through a global depository receipt listing on the London Stock Exchange (LSE). The two proposals are part of the bank’s overall $one billion of equity capital raising plans. The agreement is part of the engagements that visiting Prime Minister Narendra Modi has in London.

Meanwhile, leading British lender Standard Chartered, the largest foreign bank in terms of branch presence, said it has entered into an agreement with the British government for a new financial services leadership programme, to help Modi’s skilling initiative. 
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