New Delhi: The Ministry of Environment, Forest, and Climate Change on Friday organized a workshop on understanding India’s Climate Financing needs and its mobilization with a focus on Green Climate Fund.
The workshop was conducted under the ongoing GCF Readiness as a part that needed to be mobilized to accelerate investment in climate-resilient development in India.
The workshop has focused on understanding India’s financial needs for climate actions with a focus on various financial instruments through its two technical sessions on Assessing India’s Financing Needs and Leveraging Climate Finance to meet the needs.
While addressing the session, Ms Leena Nandan, Secretary, MoEFCC stressed the scope, scale, and speed of climate finance, which have to increase considerably to match the aspirations of an emerging economy like India.
She emphasized community-level development projects which have the potential to generate green credits. “Green credits generated through the carbon market can also act as an effective vehicle to attract investments” she added.
Ms Nanda also emphasized that the role of public sources of funding would remain critical to mobilizing and leveraging private capital.
Recalling the Prime Minister’s statement at COP 26 “Mindful and Deliberate Utilization, instead of Mindless and Destructive Consumption”, Ajay Seth, Secretary, highlighted the importance of assessing sector by sector climate finance requirements towards low carbon transition.
The workshop also addressed ways of mobilizing the requisite finance at a scale to bring the much-needed shift to a transition towards the sustainable development path.
The Workshop noted that the sustainability path significantly raises the need for Finance and Human, Technological, Institutional, and Regulatory capacity. Financial resources and the said capacities grow as the country steps up the development trajectory.
The workshop emphasized on identifying the ways to drive short-term recovery and long-term resilience; leverage investments in least-cost energy solutions, resilient and secure energy systems, efficiency and competitiveness, and social and environmental equity for a sustainable future.
The GCF secretariat has also provided their expert views on facilities available under the GCF.
“This consultation workshop has tried to strengthen the ongoing engagement with various stakeholders including the private sector and financial institutions to ensure effective and coherent engagement,” said the statement.