Green Finance | Allan Walker UK Govt and Green Investments Group £200 million JV mandated to invest in India and Africa
Kolkata/IBNS: The paradigm shift towards clean growth will reduce toxic air and promote health benefits by continuously reducing dependence on fossil fuel-based sources that provide approximately 64% of India’s electricity, according to Allan Walker, Green Finance Specialist, UK Department for International Trade (DIT).
The joint venture investment worth £200 million between Green Investments Group (GIG) and UK Government’s Department for Business Energy and Industrial Strategy (BEIS), UKCI, has been mandated to invest in India and sub-Saharan Africa, Walker said while addressing the CII East India Summit through a video link.
UK Government, as a part of its commitment towards renewable investments, has extended its support to emerging economies to respond to the challenges and opportunities presented by climate change and has been keen on investing in renewables infrastructure in India through UK Climate Investments (UKCI), he said.
He spelled out several attributes of the Indo-UK Clean Growth Agenda, primarily focusing on Bank Lending, Capital Markets, Asset Management, Specialised Green Asset Managers, Venture Capital, and Insurance.
Highlighting the contribution of the UK towards logistics infrastructure, Walker mentioned milestones achieved by joint ventures of Standard Chartered Bank & HSBC, towards financing the Sukuk Islamic green bond - the first-ever sustainability-linked financing in the aviation sector.
Financing Disaster Resilience, Alex Vleming, Insurance Specialist, UK Department for International Trade stated " Closing the protection gap is the insurance industry’s key growth opportunity''.
Embarking on the journey so far in the segment, the Department of International Trade, UK, has earned the reputation of being the largest insurance hub in the world for capital about over 50 MGAs (managing general agent), 70 insurers, 350 brokers, and more than 4000 cover holders for collaboration.
Speaking at the session on Prospects of Green Construction in current times, Autif Sayyed, Project Lead- Green buildings South Asia, International Finance Corporation, mentioned the scope of Green Buildings as a $24.7 trillion investment opportunity across all emerging markets.
Sayyed urged Eastern India to contribute towards incentivizing "Green Decision Making" by fostering an enabling Government Policy Ecosystem, to raise the bars on building regulations in the region.
Sharing his perspectives on the Indo-UK Export Market, Rahul Tabhane, Country Head – India, UK Export Finance, elucidated upon incentives offered by UKEF to stakeholders in terms of sovereign or sub-sovereign financing for Indian projects, financing for sovereigns or project sponsors in over 200 countries and line of credit for imports from the UK.
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