Germany pledges $10.51 billion to help India achieve climate change goals

In a statement to the media, German Chancellor Olaf Scholz said, Germany has pledged $10.51 billion (10 billion euros) to help India achieve its climate goals following a meeting with Indian Prime Minister Narendra Modi in Berlin.

Both leaders highlighted their common aims including fighting climate change and the importance of cooperation between democracies.

While both leaders had different approaches to the war in Ukraine, Modi, whose government procures most of its military hardware from Russia, said dialogue was the only way to a reach a solution.

“We believe that there will be no winner in this war, everyone will lose. We are in favour of peace,” said Modi, who is scheduled to visit France and Denmark.

Modi’s visit to Germany comes in the wake of Scholz’s first trip to Asia, where unlike his predecessors, he visited Japan but skipped China with Germany focusing on strengthening alliances with democratic allies.

Berlin is also seeking to diversify its trade relations in Asia in order to reduce its reliance on China, which it has recognised as a strategic rival.

In 2021, Germany’s trade with India, the world’s democracy, was less than 10% of its trade with China.

Earlier on Monday, a spokesman for the German government said, India is one of the guest countries Germany will invite to attend the G7 summit in June.

($1 = 0.9510 euros)

Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy

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