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The United Nations will present an "India Green Guarantee" to the World Bank. This initiative will be taken to unlock an extra 750 million pounds for green projects across India. It was announced at the COP26 summit in Glasgow on Monday.
The green guarantee funding will help clean and rebound infrastructure in clean power, transportation, and urban improvement areas.
Moreover, in an aid-backed Private Infrastructure Development Group (PIDG), the UK has committed more than 210 million pounds in new investment at the UN climate summit to support transformational green plans in developing nations, including electric vehicles (EVs) in India.
The UK's PIDG funding will go to electric vehicle production in India, green ties in Vietnam, and solar energy in Burkina Faso, Pakistan, Nepal, and Chad.
"I need to see the UK's Green Industrial Revolution work global. The speed of development on clean technology and infrastructure is incredible. But no nation should be left behind in the run to protect our planet," stated British Prime Minister Boris Johnson.
"The climate has usually been a silent victim of economic extension and development. But the reverse should now be accurate. Through the Clean Green Initiative, we can assist to create back more reliable and greener from the pandemic and set the world on the route to a more sustainable future," he continued.
In summation, the UK announced a set of guarantees to multilateral growth banks that will significantly boost investments in climate-related schemes in India and across Africa.
UK Foreign Secretary Liz Truss stated: "Emerging nations require the best form of financing to help drive clean growth whilst dealing with the consequences of climate modification."
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