A two-day stakeholder consultation workshop on "Financing India’s Green Transition Plan and Adaptation Needs," organized by the Union Ministry of Environment, Forest and Climate Change, commenced today on January 16, 2025, under the Green Climate Fund Readiness Programme. The event brought together policymakers, financial leaders, and climate experts to deliberate on strategies for funding India’s low-carbon and climate-resilient future.
In her keynote address, Rajasree Ray, Economic Advisor to the Union Ministry of Environment, Forest and Climate Change, highlighted the need for collective action across sectors. She highlighted the importance of developing India's climate finance taxonomy, a tool to classify sustainable investments and guide capital allocation for climate adaptation and mitigation. Ray emphasized that such a framework would not only help fulfill India's climate commitments but also serve as a model for other nations aiming to unlock public and private financing for green initiatives. She also stressed the role of green guidelines, innovative financial products, and partnerships between the private and public sectors.
Ray further elaborated on the concept of a Green Bank, a financial institution designed to accelerate clean energy technology deployment through innovative financing techniques. She pointed to the Indian Renewable Energy Development Agency (IREDA) as a prominent example of promoting clean energy investments.
Dr. Manoj Pant, Chief Secretary, Government of West Bengal, emphasized that tackling climate change is not merely an environmental concern but a developmental necessity. He advocated for scaling investments in ecosystem-based approaches, climate-resilient agriculture, and infrastructure. Dr. Pant also highlighted the importance of community participation and decentralized funding models to address localized climate challenges effectively.
The workshop featured three technical sessions focusing on financing India’s green transition plan, the role of the private sector, and addressing financing gaps for adaptation needs. Discussions explored the potential of government initiatives, corporate contributions, and venture capital investments in strengthening India’s climate-tech ecosystem. Experts stressed the urgency of increasing investment in climate adaptation and infrastructure resilience to mitigate the adverse effects of climate change.
The event also provided a platform for the Green Climate Fund (GCF) Secretariat to share insights on available facilities and financing mechanisms. Participants deliberated on strategies to scale investments and promote innovative solutions with transformative potential for India's climate landscape.
The inaugural session was attended by prominent stakeholders, including Dr. Pant, Amit Prothi, Director General of CDRI, Isabelle Tschan Harada, Deputy Resident Representative of UNDP, and Chandra Shekhar Ghosh, Chairman of the Bandhan Group. Other key attendees included representatives from the Indian Chamber of Commerce, Aditya Birla Group, and the Union Ministry of Environment, Forest and Climate Change.
