The Memorandum of Understanding will target the implementation of the Clean Development Mechanism under the Kyoto protocol, and will strengthen the cooperation on environment between India and Norway.
India is the second largest recipient of CDM funding, after China. So far 1400 CDM projects have been approved, and if implemented by 2012, the projects will generate 6 million US dollars, and neutralise 10% of the country’s green house gas emissions.
- This agreement marks the beginning of a long term partnership, Environment Minister Jairam Ramesh said after the MOU had been signed.
- The partnership between Norway and India has great potential, and the Norwegian Pension Fund - Global will look to India for green investments, Norwegian Minister of the Environment and International Development, Mr. Erik Solheim added.