A Nordic-India connect to power a green transition

Context:

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

About the Nordic region:

•  The Nordic region, also known as the Nordic countries, is a geographical and cultural region in northern Europe that includes five countries: Denmark, Finland, Iceland, Norway, and Sweden.

Tackling Challenges with Collaboration:

• Nordic countries have been at the forefront of developing new green technologies and solutions such as hydrogen, offshore wind, batteries and carbon capture and storage — solutions that are essential for the world to succeed in the green transition.
• However, the Nordic countries alone cannot deliver the green transition the world requires. 
• Together, the Nordics and India can deliver key technologies and solutions to stop climate change and boost green growth.

Connecting with India:

• Cooperation in Various Fields: At the Nordic-India Summit held in Copenhagen in May 2022, the five Nordic Prime Ministers and India’s Prime Minister agreed to intensify cooperation on digitalisation, renewable energy, maritime industries, and the circular economy. 

Trade links:

• The past year has seen a significant rise in trade and investments between Finland and India, and India has grown to become a priority country for Finland. 

• Finnish companies such as Nokia and Fortum see India as their largest growth market now and have some of their most significant investments in India.

• Trade between Norway and India has doubled in the last three years. The Norwegian Sovereign Wealth Fund is likely to become one of India’s largest single foreign investors (around $17.6 billion). 

• The Norwegian government has also recently established a new Climate Investment Fund for investments in renewables abroad, and India has been defined as a focus country. 

Untapped potential:

• Both Norway and Finland have ongoing free trade agreements and investments negotiations (FTA) with India. 
• Finland, as a member of the European Union (EU), is a part of the EU-India FTA negotiations, and Norway is negotiating through the European Free Trade Association.

Conclusion:

• Sharing Experiences: As India takes rapid strides into a green, digital, and innovative future, Nordic countries such as Finland and Norway stand ready to share experiences and be a part of India’s transition. 
• Offering Expertise: Although Nordic countries are significantly smaller than India population-wise and are located on the other side of the globe, they have world-leading technologies and expertise to offer. 
• Together, the Nordics and India can be the powerhouse of the green transition globally.

News Source: The Hindu