India and the UK will invest $1.2 billion in green projects and renewable energy to promote green growth at the 11th India-UK Economic and Financial Dialogue between Finance Minister Nirmala Sitharaman and her British counterpart Rishi Sunak the bilateral agenda of Enhanced Trade Partnership.

Sitharaman and Sunak met virtually for the annual summit and signed a $1.2-billion package of public and private investment in green projects and renewable energy. This deal includes a $1 billion investment from CDC in green projects in India by both governments to support firms working on innovative green tech solutions and a $200 million private and multilateral investment into the joint Green Growth Equity Fund, which will invest in Indian renewable energy.

“The UK and India already have strong bonds, and today we have made some important agreements for both the countries. Supporting India’s green growth is a priority, and I am happy to announce a $1.2bn investment package and launched the new CFLI India partnership to boost investment in sustainable projects in India as the UK gears up to host COP26,” Sunak said. “With trade negotiations also coming up, our agreement to be ambitious when considering services will create new opportunities in both markets, supporting jobs and investment in the UK and India,” he added.