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Home / IIT Madras Organises G20 Event on Mobilising Climate Finance in India for Mitigation and Adaptation

IIT Madras Organises G20 Event on Mobilising Climate Finance in India for Mitigation and Adaptation
The roundtable discussion recognized India's vulnerability to diverse climate-related challenges such as floods, droughts, earthquakes, and coastal hazards, highlighting the importance of collective efforts to combat climate change. V Kamakoti, Director of IIT Madras, emphasized the significance of adaptation and resilience measures in India.

by Pragti Sharma / 18 Jun 2023 22:35 PM IST / 0 Comment(s) / 154

Image Courtesy : www.twitter.com/iitmadras



On Saturday, June 17, 2023, the Indian Institute of Technology Madras (IIT Madras) School of Sustainability hosted a significant roundtable discussion- 'Mobilizing Climate Finance in India for Mitigation and Adaptation.' This event, held in collaboration with the Department of Economic Affairs, the Ministry of Finance, and in partnership with the Climate Policy Initiative, aimed to address pressing need for climate finance in India.



The roundtable discussion recognized India's vulnerability to diverse climate-related challenges such as floods, droughts, earthquakes, and coastal hazards, highlighting the importance of collective efforts to combat climate change. V Kamakoti, Director of IIT Madras, emphasized the significance of adaptation and resilience measures in India.



The primary objective of the roundtable was to shed light on the substantial investment of approximately $1 trillion required between 2015 and 2030 to mitigate climate change and build a climate-resilient India effectively. Chandni Raina, Adviser at the Department of Economic Affairs, Ministry of Finance, stressed the need to mobilize financial resources in a cost-effective manner for climate action.



During the discussion, participants explored sustainable investment opportunities and proposed actionable recommendations. The event provided a platform for policymakers, financial institutions, and experts to discuss innovative strategies for mobilizing climate finance in India.



Various approaches to bridge the climate finance gap were discussed, including policy and regulatory measures such as taxonomy and disclosures, innovative financial mechanisms like blended finance, and involving institutional investors such as insurance and pension funds.



Key takeaways from the roundtable included the examination of the current state of climate financing in India, the identification of the gap between actual and desired investment levels, and the emphasis on legislative, regulatory, and market measures to increase private finance and boost climate investments. Dr. Dhruba Purkayastha highlighted the importance of direct policy action, supportive regulation, and prudent trade-offs in managing the systemic risks associated with transitioning to a low-carbon economy.



The roundtable discussion at IIT Madras underscored India's commitment to addressing climate change and involved the participation of senior officials from the Ministry of Finance, the Reserve Bank of India, public and private sector banks, investors, industry groups, and international development financial institutions. The event aimed to pave the way for sustainable financial practices and contribute to India's climate action goals.


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