France extends €1b for sustainable development projects in India

New Delhi: France plans to extend a €1-billion credit line to India for funding sustainable infrastructure and urban development. This was announced by Laurent Fabius, France’s Minister of Foreign Affairs and International Development, on Tuesday.

The credit line, which is to be available over three years, will be given through the French Development Agency (AFD).

Curbing temperature rise

France is to host the next edition of the World Climate Conference in Paris in 2015. Fabius urged nations to come together and agree on limiting global warming to an average global temperature increase of below two degrees Celsius when they meet in Paris for the conference.

Globally, the attempt is to curb the rise in temperature to under two degrees to reduce the impact of climate change. Studies predict that a global rise in temperature by two degree celsius could lead to a 20 per cent dip in water availability, severely impacting food production and causing other disasters.

Fabius also charted five areas of cooperation between France and India — on carbon-free energy (off-shore wind energy, ocean thermal energy); on civilian nuclear energy; water-management in the context of various projects on rivers in India; urban development; and space and earth observation.

A six-member French delegation led by Fabius met Prakash Javadekar, Minister of State (Independent Charge) for Environment, Forests and Climate Change on Tuesday.

Javadekar suggested that part of the Green Climate Fund could be used to buy technology IPRs, which would help developing countries transition to climate-resilient development, an official release said.

He said the Government’s focus on poverty eradication and providing energy access to all would ensure sustainable, balanced development.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.