New Delhi [India], December 13 : The State Bank of India (SBI) will on Thursday sign a Euro 70 million Line of Credit with KfW (German Development Bank) for supporting solar photovoltaic projects in India.
The signing ceremony will be held at IFSC Gift City Branch, Ahmedabad, SBI informed stock exchanges through a filing.
This development at SBI assumes importance countries have reached a deal at the COP 28 summit in Dubai, calling for "deep, rapid and sustained reduction in greenhouse gas emissions" and "transitioning" away from fossil fuels in the energy system in an orderly and equitable manner, after two weeks of gruelling negotiations.
India committed to an ambitious five-part "Panchamrit" pledge at COP26, held in 2021. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, to reducing emissions by 1 billion tonnes by 2030.
India also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070.
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