India has signed Memorandum of Understanding (MoU) with Germany on an Indo-German bilateral cooperation in energy sector. Under this Germany has promised to provide assistance of one billion euros (Rs 7,300 crore) based on concessional loans over the next 5 years by giving a push to the clean energy. Both the countries will continue to intensify their cooperation in developing climate friendly and sustainable solutions for India's expanding energy needs. Germany will support India in its efforts to deploy renewable, in particular solar, energy technologies and to create attractive framework conditions.
The Indo-German Climate and Renewables Alliance shall strengthen cooperation on climate and energy technology issues, including within the already existing fora established for this purpose. Besides, public and private entities will be included from both the countries. Germany welcomeed India's intention to transform its energy sector with it’s of 175 gigawatts of renewable energy by 2022 by increasing the share of renewable energy, particularly solar, in electricity generation, consistent goal. The renewable energy and the efficient use of energy are most effective approaches to ease greenhouse gas emissions in both the countries.
Both countries will intensify their current cooperation on climate and renewables technology under the new Indo-German Climate and Renewables Alliance, which includes next generation solar technology, renewable energy storage, super-efficient appliances and buildings, energy-efficient rail and water infrastructure and off shore wind. The countries together will work to implement solutions that strengthen climate friendly urban development, including, inter alia, through initiatives in energy transition in cities, climate friendly urban mobility, energy efficiency in the housing sector, energy efficiency in urban water supply as well as recycling and waste management in major Indian cities.
Besides, the German commitment of 1.15 billion euros in the last two years for the implementation of Green Energy Corridors Partnership is also progressing well. The bilateral trade between the countries stood at $20.32 billion in 2014-15. India has received $8.19 billion Foreign Direct Investment (FDI) from the European country during April 2000 and June 2015. Germany accounts for about 3 percent of the country's total FDI during that period.