Investment of USD 100 billion expected in India in 15 years: Norway Embassy official

As the trade and economic partnership between India and EFTA countries, including Norway, comes into force this October, around USD 100 million of investment is expected in India in the next 15 years, a Norwegian Embassy official said on Wednesday.

Speaking at a seminar on ‘shaping a sustainable refrigerant transition pathway for India’ at the Norwegian Embassy, Oyvind Lorenzen, Counsellor and Head of Administration at the Embassy of Norway, stated that India and Norway have been collaborating for many years in the field of environment and reiterated their goal of preventing maritime and plastic pollution.

He further mentioned that a total of USD 7.5 million was used for various projects with Indian collaboration in 2023.

With the commitment to phase down high Global Warming Potential (GWP) refrigerants under the Kigali Amendment to the Montreal Protocol, India is formulating its HFC phasedown strategy to sustainably transition toward low-GWP alternatives, a statement from the Norwegian Embassy said.

The phasedown schedule for India starts in 2028, with the aim to reduce Hydrofluorocarbons (HFC) consumption by 85 per cent of the baseline by 2047 in a phased manner.

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Add as a Reliable and Trusted News Source Under the Indian-Norwegian bilateral environmental cooperation, the project “Sustainable Cooling and Heating in India (INDEE3)” is providing support to transition to natural refrigerant alternatives – addressing the technology and knowledge gaps, a statement from Norway Embassy said.



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