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India can explore the possibility of having a Green Investment Bank like that of the United Kingdom (UK), Baroness Sandip Verma, Minister of the Department of Energy and Climate Change said here on Saturday.
The UK Green Investment Bank plc is a funding institution created in by the UK Government to attract funds for financing of private sector’s investments related to environmental preservation and improvement.
Structured as a public limited company, the Green Investment Bank in the UK is headquartered at Edinburgh and is owned by the Department for Business, Innovation and Skills.
“Indian can explore a similar model to encourage investments,” she said during an interactive session – “India-UK Initiatives in Climate Change” – organised by the MCC Chamber of Commerce and Industry (MCCI).
According to her, UK would look to work together with India on various clean energy initiatives including sectors like renewable energy, biomass, hydro-electricity and nuclear.
“We will look to work closely with India in various sectors including reduction of carbon emissions,” she said.
Currently, UK is the third largest investor in India (after Mauritius and Singapore) with $ 20.8 billion investments. Bilateral trade between the two accounted for $41.6 billion in 2013, the MCCI stated.
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