UK to back $1B World Bank loan to India for green infrastructure: report

British Prime Minister Boris Johnson is reportedly set to announce his nation will guarantee a $1 billion loan from the World Bank to India for green infrastructure, according to sources who spoke with Reuters.

Multiple sources familiar with the matter confirmed the plans to Reuters on Monday. The announcement will likely be made some time during the 2021 United Nations Climate Change Conference, known as COP26, in Glasgow where numerous world leaders have gathered, including Indian Prime Minister Narendra Modi, who confirmed his plans to attend at the last minute.

“The UK’s biggest finance offer to India at COP26 will be a $1 billion sovereign guarantee for additional World Bank lending for green infra,” one source told Reuters.

India is the third highest emitter of CO2 in the world, behind China and the U.S. Reuters noted that India has called on wealthy countries to commit to spending more than $100 billion, which it had pledged to do in 2009, to help poorer countries to adequately respond to rising global temperatures.

Indian Environment Minister Bhupendra Yadav has said he will be measuring the success of COP26 based on how much financing is delivered to developing countries.

Though India plans to keep adding renewable energy sources to its mix, it has refrained from committing to a net-zero emissions goal.

Last week, Indian environmental officials rejected calls for a net-zero emissions goal, arguing that it is more important to focus on reducing emissions than simply announcing specific goals.

“It is how much carbon you are going to put in the atmosphere before reaching net zero that is more important,” Indian environment secretary R.P. Gupta said.