Europe backing climate ambitions with capital

Nov. 29 (UPI) -- The European Union is putting money behind its rhetoric on climate change through partnerships in Germany and in India, the commission said Wednesday.

"The European Union sees global partnerships and increased cooperation as essential to advancing the union's strategic interests and to tackle global challenges," a statement from the European Commission read.

The commission said it launched a partnership with the German International Climate Initiative, a partnership that envisions $5.9 million in financing for small-scale projects at the national level and business forums.

Germany has one of the greener economies in Europe. Chancellor Angela Merkel ordered eight of the country's 17 nuclear reactors closed by the end of 2011 following the Japanese nuclear disaster and a total shutdown by 2022. Utility company E.ON said it was retooling in the domestic landscape as Germany emerges as a regional leader in renewable energy development.

For India, as much as $4.5 million will support a business-support dialogue to advance sustainable energy.

"This cooperation will help position the EU as a partner of choice for India in the areas of environment, energy, climate and urbanization and contribute to an increased and diversified presence of EU companies in the Indian market," the commission stated.

India, one of the fastest growing economies in the world, aims to triple its renewable power capacity by 2022 to 175 gigawatts by drawing on new solar and wind energy sources. State-owned Indian Oil Corp. and online transportation network company Ola said last week they took a "big leap" toward a greener India with the launch of the country's first-ever electric vehicle charging station in Nagpur, the largest city of central India.

To date, the European Bank for Reconstruction and Development said it's invested more than $4.5 billion directly on renewable energy, backing the development of 6.5 gigawatts of renewable energy capacity in more than 20 countries. The bank said it's now "well on the way" to its commitment of sending 40 percent of its annual investments toward green finance by 2020.