Indian-origin British Energy and Climate Change Minister, has emphasised that her country would aid India to develop its renewable energy sector and suggested it replicate British financial models that boost investment in the green sector.
Verma, a member of the House of Lords, said there is “no conflict” in growth and environment protection.
She said India could follow a model like that of Britain’s Green Investment Bank (GIB), a funding organisation working towards the green sector.
“India could essentially use GIB as a model…it is a good financial model to encourage investment in the green sector…it is working well in the UK.
“It is one of many measures that one can utilisenot only for roping in private public investment, but private investment as well. So it’s a good instrument that India should seriously look at closely,” she said at an interactive session on “India-UK Initiatives in Climate Change” organised by the MCC Chamber of Commerce and Industry (MCCI) here.
The minister said areas of solar energy, biomass and hydropower are growing in India and the Britain would ensure it works in “close partnership” with India in these sectors.
“We look at energy as a mix of different players because that’s important for self-sufficienc