India-Denmark Green Strategic Partnership: Key Facts
On September 28, 2020, the Indian Prime Minister Narendra Modi and his Danish Counterpart Mette Frederkisen held a virtual bilateral summit. During the summit, the leaders established Green Strategic Partnership to fight against Climate Change.
Green Strategic Partnership
The Partnership is mutually beneficial to both the countries to advance political cooperation, create jobs, expand economic relations. It will focus on the implementation of the Paris Agreement and UN Sustainable Development Goals.
The partnership is to be built on the existing Joint Commission for Cooperation that was signed between the countries in 2009. The Joint Commission for Cooperation envisages cooperation in economic and commercial field, political field, science and technology, energy, environment, education and culture.
Key Highlights of the Partnership
- To work closely as partners in addressing global challenges and find solutions on green energy transition and climate change
- To support and promote rule based multilateral system. The system will provide strong cooperation to face urgency and tackle global challenges in climate change and energy. Also, the system will work towards a common commitment towards IEA (International Energy Agency), ISA (International Solar Alliance) and IREA (International Renewable Energy Agency).
PM Modi highlighted the fact that Denmark has been constantly participating at the Vibrant Gujarat Summit since 2009.
India-Denmark
Denmark ranks 26th among the foreign investors of India. The bilateral trade between India and Denmark has doubled from 503.9 million USD in 2003 to 1222 million USD in 2012.
Significance of Green Energy in India
Under the Nationally Determined Contributions of Paris Accord on Climate Change, India has pledged to increase the installed power generation capacity by 40% and reduce emission intensity by 33% to 35% from 2005 level. In 2015, India set a target of achieving 175 GW o renewable energy by 2022. This includes 60 GW of wind energy, 175 GW of solar, 10 GW of biomass and 5 GW of small hydro power.
In order to achieve the above targets, India has established strong international cooperation. The Green Strategic Partnership established with Denmark will help India achieve the targets.
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Month: Current Affairs - September, 2020