Germany commits €1.15 billion to India's Green Energy Corridors

It establishes a new Indo-German Climate and Renewables Alliance to intensify cooperation on energy technology, innovation, and finance.

Who it concerns: The agreement involves the governments of India and Germany, specifically the Prime Minister of India and the Chancellor of Germany. It affects the public and private sectors in both countries, with specific focus on the energy, solar, and technology industries. It also mentions state and city-level entities in India and third countries for trilateral assistance programs.

What was agreed

• Germany commits 1.15 billion Euros to the Green Energy Corridors Partnership (progressing over the last two years).
• Memorandum of Understanding on an Indo-German Solar Energy Partnership based on concessional loans of 1 billion Euros over the next 5 years.
• India aims for 175 gigawatts of renewable energy by 2022.
• Germany aims for at least 80% of electricity consumption from renewable sources by 2050.
• Establishment of an Indo-German Working Group on Climate Change under the Indo-German Environment Forum.
• Launch of the Indo-German Climate and Renewables Alliance to harness technology, innovation, and finance.
• Cooperation areas include next-generation solar technology, renewable energy storage, climate-friendly space cooling, super-efficient appliances, zero-emission vehicles, energy-efficient rail/water infrastructure, and offshore wind.

Also in the document

• Specific financial commitments of 1.15 billion Euros for Green Energy Corridors and 1 billion Euros in concessional loans for solar energy.
• Creation of a new comprehensive partnership framework called the Indo-German Climate and Renewables Alliance.
• Reference to the global commitment by developed countries to mobilize USD 100 billion per year by 2020 for climate finance in developing countries.
• Focus on specific sectors such as solar energy, zero-emission vehicles, and climate-friendly urban development.