Germany has agreed to provide India with up to €1 billion in funding to assist the country’s greenhouse gas emissions reductions and transition to sustainable e-mobility.
The announcement came in the form of a joint statement following a meeting between India’s Prime Minister Narendra Modi and German Chancellor Angela Merkel.
Mr Modi was on a two-day visit to Germany for the 5th Indo-German Inter-Governmental Consultations.
The countries also agreed to dedicate €35 million towards grid expansion, storage systems for renewable energy and on forest landscape restoration.
Both leaders expressed concern over current levels of climate action globally and called on all countries to step up their efforts.
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“Both sides agreed to foster cooperation on low-carbon mobility solutions and welcomed the signing of the new Joint Declaration of Intent on the Indo-German Partnership on Green Urban Mobility wherein the German side expressed its readiness to provide additional finance of 1 billion euros to support improvements of green urban mobility infrastructure and services and strengthen capacities of national, state and local institutions to design and implement sustainable, inclusive and smart mobility solutions in Indian cities,” the statement said.
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“New models for forest landscape restoration can contribute to India’s goal to attain 33 per cent forest cover. Both sides highlighted that forests are indispensable to safeguard the climate, to protect biological diversity and to contribute to sustainable development,” the statement said.
“For both countries, the Sustainable Development Goals and the Paris Agreement serve as guiding frameworks in their cooperation. They underlined that for a successful energy and transport transition in India and in Germany both countries need to closely cooperate, to learn from each other and to capitalize on the economic potential of climate protection,” it said.