The International Financial Services Centres Authority (IFSCA) and Climate Policy Initiative – India (CPI) have signed a Memorandum of Understanding (MoU) for mutual assistance and cooperation to increase the mobilization of global sustainable capital flows into India.
The wide-ranging MoU includes research and joint convenings in the field of sustainable finance.
As per the Landscape of Green Finance in India report published by CPI in 2022, total tracked climate investments are of the order of $40 to $50 billion per year for FY 2018 to FY 2020, of which approximately 85% 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. Greater international capital flows are required for a successful low-carbon transition in India. IFSCA can play a critical role in enabling climate investments in India from international sources through the capital markets route,” said Dhruba Purkayastha, India Director, Climate Policy Initiative.
IFSCA is a statutory authority established under the International Financial Services Centres Authority Act, 2019 with a mandate to develop and regulate the financial products, financial services, and financial institutions in the International Financial Services Centres (IFSC). GIFT-IFSC is the maiden IFSC in India.
Praveen Trivedi, executive director of 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 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 mobilizing global capital towards sustainable projects.”
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