Summary
The domestic aspect of this roundtable precedes the 3rd Sustainable Finance Working Group meeting under India’s G20s Presidency, scheduled to be held 19-21 June 2023 in Mahabalipuram, TN.
The roundtable discussion proposed several avenues to bridge the climate finance gap
The Indian Institute of Technology Madras’ (IIT Madras) School of Sustainability organised a Roundtable Discussion on ‘Mobilizing Climate Finance in India for Mitigation and Adaptation’ on Saturday, 17th June 2023.
The event was jointly organised with the Department of Economic Affairs, Ministry of Finance, in collaboration with Climate Policy Initiative, an independent non-profit research group based in the US.
The domestic aspect of this roundtable precedes the 3rd Sustainable Finance Working Group (SFWG) meeting under India’s G20s Presidency, scheduled to be held between 19th and 21st June 2023 in Mahabalipuram, Tamil Nadu.
Delivering the welcome address, Prof. V. Kamakoti, Director, IIT Madras said, “Collective efforts, in line with India’s G20 motto of ‘Vasudhaiva Kutumbakam’ are fundamental for the world to deal with climate change.”
Prof V. Kamakoti added, “With a significant portion of our land exposed to floods, droughts, earthquakes and coastal hazards, it is imperative that we invest in robust adaptation and resilience measures.”
Ms. Chandni Raina, Adviser, Department of Economic Affairs, Ministry of Finance gave the keynote address. The roundtable was moderated by Dr. Dhruba Purkayastha, Director India, Climate Policy Initiative.
The roundtable discussion witnessed the participation of prominent stakeholders, including senior representatives from the Ministry of Finance, Reserve Bank of India, leading public and private sector banks, investors, industry bodies, and international development financial institutions.
The roundtable recognised the role of public finance in increasing climate investments while emphasizing the need for scaling up private finance through policy, regulatory and market-making measures, creating a better enabling environment for innovation and deployment of low-carbon technologies.
During the event, Ms Chandni Raina, Adviser, Climate Change Finance Unit, Department of Economic Affairs, Ministry of Finance, said, “Mobilization of timely and adequate financial resources in a cost-effective manner and access to technology is critical for meeting the requirements for climate action.”
Dr. Dhruba Purkayastha, Director India, Climate Policy Initiative, said, “India is on track to meet its NDC goals and India’s revised NDC commitments have significantly increased targets on emissions intensity reduction and renewable energy investments.
Dr. Dhruba Purkayastha added, “This would need directed policy action, supportive regulation to increase climate finance and prudent trade-offs in progressively managing increased systemic risks which could accrue from transition to low carbon economy, in addition to active commitment to low carbon transition from the banking, financial services and insurance industry.”
The roundtable discussion proposed several avenues to bridge the climate finance gap, including policy and regulatory measures to build innovative financial mechanisms including blended finance, and the mobilization of funds from institutional investors such as insurance and pension funds. By developing partnerships and collaborations among stakeholders, the event aimed to foster sustainable investments and identify actionable recommendations.
Last updated on 19 Jun 2023
