IFSCA, Climate Policy Initiative to jointly work on Sustainable Finance

New Delhi, July 12 (KNN) The International Financial Services Centres Authority (IFSCA) has signed an MoU with Climate Policy Initiative - India (CPI) for mutual assistance and cooperation to increase mobilisation of global sustainable capital flows into India.

Praveen Trivedi, Executive Director, IFSCA, said, “IFSCA intends to play a key role for India and other emerging economies to meet their net zero ambitions and achieve SDGs by developing IFSC as a global hub for sustainable finance. This is in-line with the vision of Prime Minister of India to make GIFT IFSC to be a gateway to global debt and equity capital for sustainable and climate projects.”

“This MoU between IFSCA and CPI, focusing on broad areas of sustainable finance, is a step towards achieving a key objective to develop an ecosystem for mobilising global capital towards sustainable projects,” he said.

In recent times, IFSCA has been taking significant steps to accelerating global sustainable capital flows by creating a conducive regulatory environment, based on international best practices, focused especially on the needs of India and developing countries.

Climate Policy Initiative’s Indian Director, Dhruba Purkayastha, said, “As per the Landscape of Green Finance, report published by CPI in 2022, total tracked climate investments are of the order of USD 40 to USD 50 billion per year for FY2018 to FY2020, of which approximately 85 per cent were through domestic sources. This is not sufficient to address the widening gap between required investment and financing to meet the India climate investment requirement.”

“IFSCA can play a critical role in enabling climate investments in India from international sources through the capital markets route. The MoU between IFSCA and CPI, aims to support the mobilisation of sustainable finance in India,” he said.  (KNN Bureau)