Germany Pledges €10 billion support for India to achieve 500GW RE by 2030

Highlights :

  • PM Modi and Chancellor Scholz signed a joint declaration whereby the two countries will form an Indo-German partnership for green and sustainable development.
  • The two countries will also establish an Indo-German Renewable Energy Partnership.

Prime Minister Narendra Modi and Germany Chancellor Olaf Scholz signed a joint declaration in Berlin according to which Germany has pledged €10 billion ($10.52 billion) support to India until 2030 to help the country meet its target of raising its non-fossil energy generation capacity to 500 GW.

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PM Modi and Chancellor Scholz signed a joint declaration that reveals the intent of the two countries to form an Indo-German partnership for green and sustainable development.

The Indian Prime Minister is on an official visit to Germany and the two leaders participated in the 6th edition of the India-Germany Inter-Governmental Consultations at the Federal Chancellery, Berlin.

Modi and Scholz signed six other documents which include those related with the implementation of triangular development cooperation projects by India and Germany in third countries, cooperation in the field of renewable energy partnership and forest landscape restoration.

The joint statement said that considering the time-line for the realisation of SDGs and some of the climate targets declared by India and Germany during COP26 in Glasgow culminate in 2030, the two countries will work together to learn from each other and to facilitate the achievement of their respective objectives.

India and Germany also agreed to develop an ‘Indo-German Green Hydrogen Roadmap’ based on the inputs by the Indo-German Green Hydrogen Task Force supported by the Indo-German Energy Forum (IGEF).

The two countries will also establish an Indo-German Renewable Energy Partnership focusing on innovative solar energy and other renewables and addressing associated challenges for electricity grids, storage and market design to facilitate a just energy transition. The partnership would also support creation of a circular economy for solar technologies. Germany expressed its intention to provide India with financial and technical cooperation, including concessional loans of up to €1 billion from 2020 to 2025 depending on high quality project preparation and the availability of funds.

India and Germany also agreed to further examine collaboration on Green Energy Corridors, like the Leh-Haryana transmission line and the project of a carbon neutral Ladakh.

Agreements on Triangular Development Cooperation, Renewable Energy Partnership

On the same day, India’s External Affairs Minister S Jaishankar and German Minister for Economic Cooperation and Development Svenja Schulze signed agreements on triangular development cooperation and renewable energy partnership.

Jaishankar informed on social media that both the leaders discussed a range of issues including the impact of the Ukraine conflict on the world. Jaishankar said, “Signed agreements on Triangular Development Cooperation and Renewable Energy Partnership.”

“Pleasure to meet German Minister for Economic Cooperation and Development @SvenjaSchulze68. Discussed climate action, resilient and reliable supply chains, third country partnerships and economic impact of Ukraine conflict,” Jaishankar added.

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