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A Nordic-India Connection to power a green transition

GS Paper 3

Syllabus: Environment Conservation/International Relations

 

Source: TH

 Context: The Nordic countries are ready to offer their technologies and expertise to India as it moves towards a green, digital, and innovative future.

 

The Nordic countries include the sovereign states of Denmark, Finland, Iceland, Norway and Sweden.

 

Recent developments in India-Nordic countries’ relations:

  • The 2nd Nordic-India Summit (Copenhagen) 2022: Both agreed to intensify cooperation on digitalisation, renewable energy, maritime industries, and the circular economy.
  • Trade links: Trade between Norway and India has doubled (to $2 billion) in the last three years and it is likely to become one of India’s largest single foreign investors (around $17.6 billion).
  • Investment in renewable energy: Norway’s new Climate Investment Fund (for investments in renewables abroad) has invested almost ₹1,500 crores in India so far.
  • Leadership Group for Industry Transition (LeadIT): Launched by Sweden and India at the UN Climate Action Summit in 2019 and supported by the WEF, it gathers countries and companies that are committed to action to achieve the Paris Agreement.

  

Untapped potential:

  • Trade in services: tourism, education, IT, energy, maritime and financial services.

  

Way ahead:

  • Finalising a fair, equitable and balanced Free Trade Agreement (FTA).
    • Finland, as a member of the EU, is a part of the EU-India FTA negotiations, and Norway is negotiating through the European Free Trade Association.

  

Conclusion:

Insta Links:

Diplomatic Dispatch- 2nd India-NORDIC Summit