IIT Madras Hosts G20 Event to Mobilize Climate Finance in India

IIT Madras hosted a Roundtable Discussion titled "Mobilizing Climate Finance in India for Mitigation and Adaptation" on Saturday, June 17, 2023.

Prior to the upcoming 3rd Sustainable Finance Working Group (SFWG) meeting under India's G20 Presidency, which is set to take place from June 19th to June 21st, 2023 in Mahabalipuram, Tamil Nadu, the roundtable discussion focused on domestic considerations.

Prof. V. Kamakoti, the Director of IIT Madras emphasized the importance of investing in strong adaptation and resilience measures due to the significant exposure of a substantial portion of the country's land to floods, droughts, earthquakes, and coastal hazards. Prof. Kamakoti highlighted that the roundtable discussion would provide insights into the estimated $1 trillion investment required between 2015 and 2030 for effective adaptation. He emphasized the need for collective efforts aimed at constructing a climate-resilient India.

The event was honoured by the presence of distinguished individuals, including Chandni Raina, Adviser at the Department of Economic Affairs, Ministry of Finance, Dr Dhruba Purkayastha, Director India at Climate Policy Initiative, and other notable stakeholders. Among them were senior representatives from the Ministry of Finance, the Reserve Bank of India, prominent public and private sector banks, investors, industry bodies, and international development financial institutions.

During the event, participants addressed the climate finance gap and emphasized the role of public and private finance. They proposed measures such as policy reforms, innovative financial mechanisms, and mobilizing funds from institutional investors to bridge the gap and boost climate investments.

While addressing the gathering, Chandni Raina, Adviser at the Department of Economic Affairs, Ministry of Finance, stressed the criticality of mobilizing financial resources and accessing technology for effective climate action. She acknowledged the challenge of balancing climate action with other development priorities and highlighted India's efforts in reducing emissions over the past decade.

During the roundtable discussion, various strategies were put forth to address the climate finance gap. These included suggesting policy and regulatory measures to establish inventive financial mechanisms like blended finance. Additionally, the focus was on mobilizing funds from institutional investors like insurance and pension funds. The primary objective of the event was to encourage sustainable investments through the cultivation of partnerships and collaborations among stakeholders, ultimately leading to the identification of actionable recommendations.