Equal opportunities in innovation and sustainable value chains: Jan Christian Vestre, Minister of Trade & Industry, Norway

Feb 10, 2023

New Climate Investment Fund established for investments in RE sector for developing countries

NEW DELHI, 10 February 2023: Innovation Norway in collaboration with FICCI, India's apex industry association yesterday organized the India-Norway Sustainability Forum. Mr Jan Christian Vestre, Norwegian Minister of Trade & Industry led a high-level business delegation accompanied by companies like Equinor, Aker, Scatec, Statkraft, DNV, Morrow Batteries, Kongsberg, Yara and Greenstat.

Addressing the inaugural session Mr Jan Christian Vestre emphasized on equal opportunities in the field of innovation and sustainable value chains. Speaking about the New Climate Investment Fund, he said, "This fund is established for investments in the renewable energy sector for developing countries that has the potential to be an important contributor to India's clean and bold energy." He mentioned that investments made in India emphasizing on the Norwegian investment of around 120US$ million towards solar power production.

Minister Vestre spoke highly about Indian Government's ambitions in expanding renewable energy, reducing climate gas emissions and increase of green hydrogen production.

He highlighted various initiatives initiated by the Government of Norway in renewable energy, green hydrogen, maritime and shipping cluster and circular economy. Special mention was given to the Climate investment fund towards developing countries. The Minister also underscored the progress by both Governments on the India-Norway Task Force on Blue Economy and Energy.

Mr Rupesh Agarwal, Co-chair FICCI RE CEOs Council and CEO, Azure Power said, "The visit of our friends from Norway marks an important milestone in the relationship between our countries since PM Solberg's visit to India in 2019." He highlighted India's achievements in the renewable space. "India installed 40 per cent of the 400 GW from renewable energy sources including hydrogen," he added.

Mr Agarwal further emphasized various agreements inked between Indian and Norwegian companies in the recent past. Speaking about the start-up space in India, he said, "India has the third largest start-up ecosystem in the world, with over 107 unicorns as of September 2022."