Abstract:

The last half-decade has seen a global call to action to tackle climate change and pollution, which is driving a transition to ‘clean’ technologies, services and infrastructure, the world over. States as well as businesses are increasingly committing to reducing their carbon footprint and making their systems, processes and operations more resilient.

The UK and India have been playing crucial roles on the world stage in supporting this global transition and are natural partners on this agenda. As a global standard-bearer for green finance, and host to the UN Climate Change Conference (COP 26) in November next year, the UK is leading the way in mobilising green capital as well as carefully integrating Environmental, Social and Governance (ESG) considerations into the financial system. India too championed this cause with its leadership on scaling renewable energy deployment and initiating policy reforms in the financial sector through mandatory ESG disclosures for listed companies. At the recently concluded 10th UK-India Economic and Financial Dialogue (EFD), both Finance Ministers have committed to build on this joint work and take this cooperation further.

It is against this backdrop that the seminar on the theme ‘Green Finance for Enhancing India’s Climate Ambition’ was designed. Discussions in the seminar focussed on how broader economic and social development concerns can be addressed in green investments, the role of financial mechanisms and instruments in catalysing much needed private capital for green finance and how India can transition to a resilient, ‘greener’ financial system incorporating global standards on disclosures and risk management.