During the visit of the Indian Prime Minister to the UK, the UK Prime Minister David Cameron and the Prime Minister of the Republic of India, Narendra Modi, have committed to strengthen the existing energy partnership between the UK and India.
The two Prime Ministers welcomed the signing of a Memorandum of Understanding (MoU) to strengthen energy cooperation between the two countries building on existing successes and promoting closer future collaboration in areas such as electricity market reform, energy efficiency, offshore wind, solar power, smart grids, energy storage, and off-grid renewable energy services.
Prime Minister Cameron announced the UK Climate Investment venture with the Green Investment Bank, which will invest up to a total of £200 million of UK climate finance in renewable energy and energy efficiency projects in India and Africa.
Prime Minister Cameron also announced UK funding for the India Innovation Lab for Green Finance, an independent Indian initiative endorsed by the Government of India, to bring together the private and public sectors to find innovative solutions to the barriers to clean energy finance in India.
The two Prime Ministers reaffirmed the importance of sharing skills and expertise to deliver secure, affordable and sustainable energy for all. A £10 million five-year programme of Technical Assistance to support national and state-level reforms in India’s power sector was also announced as part of the two countries’ cooperation.
Source: UK Government