India

India, UK sign new climate finance initiative

By PTI

LONDON: The governments of India and the UK on Thursday agreed a new agreement to finance inclusive, resilient and sustainable infrastructure in India, using public and private capital to meet the country’s low carbon targets.

The Climate Finance Leadership Initiative (CFLI) India Initiative, supported by the City of London Corporation and led by Bloomberg’s CFLI, was announced at the 11th UK-India Economic and Financial Dialogue (EFD) by Finance Minister Nirmala Sitharaman and her British counterpart Rishi Sunak.

“Supporting India’s green development is a shared priority so I am delighted that we have announced an investment package of USD 1.2 billion, and launched the new CFLI India partnership to promote investment in sustainable projects in India, Because the UK is ready to host COP26,” Sunak said.

“We expect the platform to be able to mobilize private capital on a large scale in the climate and environment sectors, especially in green and resilient infrastructure,” Sitharaman said.

The CFLI India project aims to bring capital into India through public, private and multilateral initiatives to help the country meet the commitments of the 2015 Paris Agreement, which seeks to reduce the emissions intensity of GDP by 33-35 percent by 2030. Includes resolution to reduce .

“The Climate Finance Leadership Initiative is working to eliminate barriers to investment and create market conditions to drive more capital to green projects?? and this collaboration between India and the UK, two of the world’s largest and largest Can create a model for dynamic economies. There is a way to learn from countries around the world,” said CFLI President Michael R. Bloomberg, UN Special Envoy on Climate Ambition and Solutions.

The City of London Corporation, the governing body of the UK capital’s financial center known as the Square Mile, said it would support the initiative by providing a secretariat from London and the organisation’s longstanding representative office in Mumbai .

William Russell, Lord Mayor of the City of London, said, “CFLI India is a truly innovative approach to raising capital at the scale and speed of demand for transformation to Net Zero globally.”

“To drive trillions of dollars of investment, we must combine London’s innovation and talent with India’s dynamism and industry. Together we can cut emissions and fight climate change,” he said.

City of London Corporation Policy Chair Catherine McGuinness said that London, as a leading international financial center and global hub for green finance, supports it as a world leader in green finance, innovation and capital raising through CFLI India Well prepared to do.

“India has already taken bold steps to decarbonize its economy, but billions of dollars are still needed in funding to help the country meet its climate commitments,” she said.

CFLI India’s announcement comes ahead of November’s UN Climate Change Conference?? Better known as COP26 ?? In Glasgow, where the City of London Corporation and the Green Finance Institute are holding a hybrid summit on green finance.

Shravan Joshi MBE, representative of City Corporation at CFLI, said, “It is important that as we move towards a more sustainable future, financial markets such as London work with major countries such as India to develop projects that address climate change. partners for.”

CFLI India will be co-chaired by Macquarie Group Managing Director and Chief Executive Officer, Shemara Wickremanayake and Tata Group Chairman Natarajan Chandrasekaran, and includes leading private sector Indian and multinational corporate and financial institutions.

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