Insights from the Climate Conference 2024 on India's Sustainable Pathway

The Climate Conference 2024, centered around the theme ‘Decoding the Green Transition for India,’ unfolded on January 12, 2024. The event, orchestrated by the Ministry of Environment, Forest and Climate Change, Government of India, placed a spotlight on the crucial role of the private sector, climate tech startups, and institutional investors in driving financial resources and technical capabilities towards sustainable development. The primary objective of the conference was to align private sector efforts with government initiatives, engage civil society, empower communities, and foster the creation of innovative climate services and adaptation technologies.

The United Nations Development Programme (UNDP) India provided support for the event, which was organized under the Green Climate Fund Readiness Programme in partnership with Knowledge Partner Avaana Capital.

Dignitaries Grace the Inaugural Session

The inaugural session witnessed the presence of key dignitaries, including Leena Nandan, Environment Secretary, Amitabh Kant, G20 Sherpa, K Rajaraman, Chairman, IFSCA, Mike Hankey, U.S. Consul General, and Nadir Godrej, Chairman & MD, Godrej Industries, and Chairman, Godrej Agrovet.

Urgent Action Needed, Emphasizes Leena Nandan

Leena Nandan, Secretary, MoEFCC, emphasized the global impact of extreme climate events, stressing the need for immediate action, meticulous planning, and financial mobilization. Nandan highlighted ministry initiatives, such as the Green Credits Programme, and reintroduced the concept of ECOMARK labeling for informed consumer choices. Insurance and risk mitigation, mainstreaming climate startups, and scaling them to industry and business models were underscored. Biomass utilization and waste management were identified as pivotal actions for effective climate change mitigation.

Amitabh Kant Outlines Key Areas for India

Amitabh Kant addressed India's emerging challenges related to industrialization, urbanization, and growth. He pinpointed five critical areas for focus: renewable energy, energy storage, electric mobility, energy efficiency, and the circular economy. Emphasizing the promotion of energy efficiency in micro, small, and medium enterprises (MSMEs), Amitabh Kant advocated for the role of Multilateral Development Banks (MDBs), International Financial Institutions (IFIs), and philanthropists in supporting high-risk climate projects. He proposed a fusion of public and private funds to attract substantial capital, highlighting the potential of green hydrogen and storage systems.

India's Roadmap to Net-Zero by 2070

The Conference shed light on India's ambitious roadmap to achieve net-zero emissions by 2070. The focus is on green transition investments to transform energy systems, reduce CO2 emissions, conserve natural resources, increase biodiversity, and enhance climate resilience. The discussions explored the current climate finance landscape in India, delving into the roles of government, venture capitalists, corporates, and industry leaders.

The event emphasized collaboration and partnership among stakeholders from diverse sectors. It sought to promote the development and adoption of sustainable, climate-resilient technologies and practices. Discussions covered sustainability-linked funds, risk-sharing facilities, and concessional financing, highlighting the need for collective efforts to address the challenges posed by climate change.