BREXIT Britain is poised to back a $1billion (£730million) World Bank “green loan” to India, according to reports.
According to reports, the deal is set to be announced by Boris Johnson during the COP26 summit. The deal will help stimulate green infrastructure development projects in the country. Details of the deal remain unknown but reports claim the agreement will be the UK’s largest offer to India during the summit.
Sources told Reuters: “The UK’s biggest finance offer to India at COP26 will be a $1billion sovereign guarantee for additional World Bank lending for green infrastructure.”
Officials from the Indian and UK Governments are yet to comment on the deal.
This comes as the Prime Minister hopes to secure a landmark deal to commit nations from across the world to limit global warming to 1.5C.
India’s chief economic adviser claimed rich nations must commit over $100billion (£73billion) in helping lesser developed economies fight climate change.
K.V. Subramanian said: “This $100 billion that the advanced economies are talking about actually for innovation in climate finance, you know, it’s a drop in the ocean.”
“I think their commitment needs to be much greater.”
This reference highlights a 2009 pledge to spend $100billion a year to help finance an adequate response to rising global temperatures.
India has not yet made a commitment to reach net-zero by 2050.
Mr Johnson issued his concern an agreement relating to limiting global temperatures may not be reached during the COP26 summit.
He also warned the world was approaching a point of no return in reducing global temperatures.
An excerpt from his speech reads: “Humanity has long since run down the clock on climate change.
“It’s one minute to midnight and we need to act now.
“If we don’t get serious about climate change today, it will be too late for our children to do so tomorrow.”
Despite the need for a global agreement, Xi Jinping and Vladimir Putin will not attend the summit.
The pair will therefore miss out on the two days of negotiations starting from Monday.
Instead of attending, Xi will send a written statement to the summit.
Due to the absence of Mr Putin and Xi, Joe Biden issued a brutal criticism towards the pair.
He said: “Russia and China basically didn’t show up in terms of any commitments to deal with climate.
