{"id":33042,"date":"2015-07-10T13:37:00","date_gmt":"2015-07-10T13:37:00","guid":{"rendered":""},"modified":"2020-11-10T11:00:46","modified_gmt":"2020-11-10T11:00:46","slug":"8042-brics-bank-s-first-project-to-be-green-says-indian-pm-modi","status":"publish","type":"post","link":"https:\/\/dialogue.earth\/en\/business\/8042-brics-bank-s-first-project-to-be-green-says-indian-pm-modi\/","title":{"rendered":"BRICS bank’s first project to be green, says Indian PM Modi"},"content":{"rendered":"

A new development bank to be signed off by emerging economies this week should make its first ever investment in the clean energy sector, says Indian prime minister Narendra Modi.<\/span><\/p>\n

Members Brazil, Russia, India, China and South Africa will \u201coperationalise\u201d the $50 billion (311 billion yuan) fund \u2013 a counterpart to Western lending institutions –\u00a0in the Ural city of Ufa, they said on Thursday.<\/p>\n

\u201cI would like to see the first major project funded by the new (BRICS)\u00a0development bank to fund clean energy,\u201d Modi said at the BRICS summit\u2019s opening, 730 miles southeast of Moscow.<\/p>\n

The Shanghai-based bank dwarfs the UN signature Green Climate Fund, worth just $10 billion so far. It could award funds to its first projects by next April, its president\u00a0said<\/a>\u00a0before the summit.<\/p>\n

Modi\u2019s remarks could reassure those concerned about its lack of stipulations on carbon-intensive investments, such as coal-fired power plants, which generate cheap energy in developing countries.<\/p>\n

Though the eventual share of the fund dedicated to green projects, such as solar farms or drought-resistant crops for example, is unclear.<\/p>\n

Modi called climate change \u201cone of our foremost challenges\u201d with \u201cmajor decisions\u201d to be taken this year at annual UN talks in Paris in December.<\/p>\n

The BRICS<\/a> have skills and resources to make renewables and energy efficiency technology \u201caffordable and accessible for all\u201d, he said.<\/p>\n

Modi\u2019s Chinese counterpart, Xi Jinping, said climate change and international development were \u201ctop priorities\u201d in 2015.<\/p>\n

Each member state has put up $10 billion to the fund and they have pooled $100 billion to create a contingency currency reserve.<\/p>\n

The BRICS make up 20% of the world\u2019s GDP, almost equal to the United States, and are home to 3 billion people.<\/p>\n

Collectively, the five countries were responsible for\u00a0nearly 40%<\/a>\u00a0of global greenhouse gas emissions in 2010, with China accounting for 22%. That makes them key actors in an international climate agreement.<\/div>\n
<\/div>\n
Energy use in emerging economies is expected to soar by 2030. In India, more than 300 million people live without regular access to electricity.<\/div>\n
<\/div>\n
Strong growth in China and India in solar energy could see them take a lead on renewables.\n<\/div>\n

This article was originally published on the Responding to Climate Change website and can be accessed\u00a0here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Shanghai-based bank draws from a starting fund of US$50 billion<\/p>\n","protected":false},"author":2081,"featured_media":58065,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[758],"tags":[512,585,593,597],"hashtags":[],"country":[],"class_list":["post-33042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-brics","tag-renewables","tag-solar","tag-technology"],"acf":[],"yoast_head":"\nBRICS bank's first project to be green, says Indian PM Modi | Dialogue Earth<\/title>\n<meta name=\"description\" content=\"The Shanghai-based bank draws from a starting fund of US$50 billion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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