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Modi invites Nordic companies to invest in the Sagarmala project » Capital News

Prime Minister Narendra Modi on Wednesday invited Nordic companies to invest in the blue economy sector, including the Sagarmala project, and called on Nordic sovereign wealth funds to invest in India.

Under the Sagarmala scheme, more than 800 projects with an estimated cost of around Rs 5.48 lakh crore have been identified for implementation. Sagarmala projects include projects of various categories such as upgrading of existing ports and terminals, new ports, terminals, inland waterways, lighthouse tourism, skills development, etc.

Prime Minister Modi made this presentation during the 2nd India-North Summit. This summit saw the participation of Prime Minister Mette Frederiksen of Denmark, Prime Minister Katrin Jakobsdottir of Iceland, Prime Minister Jonas Gahr Store of Norway, Prime Minister Magdalena Andersson of Sweden and Prime Minister Sanna Marin of Finland.

Prime Minister Modi and his Nordic counterparts have agreed to work together to fight climate change and protect the natural environment in line with the Paris Agreement.

The summit was an opportunity to review the progress of Indo-Nordic relations since the 1st Indo-Nordic Summit, held in 2018 in Stockholm.

“Discussions took place on multilateral cooperation in post-pandemic economic recovery, climate change, sustainable development, innovation, digitalization and green and clean growth. Discussions also took place on cooperation in the maritime sector with a focus on sustainable ocean management. The Prime Minister has invited Nordic companies to invest in the blue economy sector, in particular in the Sagarmala project in India,” the Ministry of External Affairs (MEA) said in a press release.

The Prime Ministers agreed to work together to combat climate change and to protect the natural environment in accordance with the Paris Agreement, according to a joint statement.

The Summit noted that accelerating the global green transition to combat climate change is one of the greatest and most imminent global challenges.

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“At the same time, a successful transition to a sustainable economy offers huge opportunities, including new jobs. The need to set ambitious emission reduction targets and concrete implementation plans was underscored, which will facilitate the contribution of business actors to accelerating the transition,” reads the JOINT statement.

Prime Ministers welcomed international agreement at COP26 on the need to accelerate climate action to keep the increase in global average temperature well below 2 degrees above pre-industrial levels and continue the efforts to limit temperature rise to 1.5 degrees above pre-industrial levels. industrial level.

According to the statement, India and the Nordic countries have embarked on an ambitious cooperation on renewable energy, energy diversification, smart grids and energy efficiency.

Leaders further discussed collaboration on environmental sustainability, including clean water, clean air and a circular economy, which is critically important not only to maintain and sustain biodiversity, water and wildlife, but also as a basis for food security and human health. , and prosperity.

The statement said that India and the Nordic countries have also committed to adopt the ambitious post-2020 global biodiversity framework at the upcoming COP15 Part 2 of the Convention on Biological Diversity to be held in Kunming, in China, and to work together to implement it.

Premiers agreed that the blue economy can generate economic growth, new jobs, better nutrition and increased food security if managed sustainably.

“As leading ocean nations, India and the Nordic countries have agreed on the benefits of partnership to transform the shipping industry towards a low-carbon future through exchange of best practices and technology transfers,” the statement said.