IIT Madras hosts G20 event on mobilising climate finance for mitigation, adaptation

NEW DELHI: The Indian Institute of Technology Madras (IIT Madras) School of Sustainability, on Saturday, June 17, 2023 organized a Roundtable Discussion. The roundtable discussion titled 'Mobilizing Climate Finance in India for Mitigation and Adaptation' was held with the Department of Economic Affairs, Ministry of Finance, and in partnership with the Climate Policy Initiative, a US-based non-profit research group.

This event was hosted before the 3rd Sustainable Finance Working Group (SFWG) meeting which is to be held from June 19th to 21st in Mahabalipuram, Tamil Nadu. India will be hosting this year’s G20 summit.

Also read| IIT Madras JEE Advanced Cutoff 2023 (Soon) - Opening and Closing Ranks

Saying that there is a need for adaptation and resilience measures in India, given the country's vulnerability to floods, droughts, earthquakes, and coastal hazards, V Kamakoti, Director of IIT Madras, emphasised the importance of collective efforts to address climate change.

Aim of the conference

The roundtable discussion aimed to shed light on the estimated $1 trillion investment required between 2015 and 2030 for effective adaptation, with a focus on building a climate-resilient India.

Chandni Raina, Adviser at the Department of Economic Affairs, Ministry of Finance said, “There is a need of mobilising financial resources in a cost-effective manner for climate action.”

Also read| IIT Madras researchers develop low-cost method for mobile pollution monitoring

The roundtable aimed to promote sustainable investments and identify actionable recommendations. The event served as a platform for policymakers, financial institutions, and experts to explore innovative strategies for mobilising climate finance in India.

Several avenues to bridge the climate finance gap were proposed during the discussion, including policy and regulatory measures such as taxonomy and disclosures, innovative financial mechanisms like blended finance, and the mobilisation of funds from institutional investors such as insurance and pension funds.

Key takeaways from the event

The participants examined the state of climate financing in India at the moment and identified the discrepancy between actual and desired investment levels. They emphasised the necessity of legislative, regulatory, and market measures to scale up private finance and boost climate investments.

Dr Dhruba Purkayastha said,” There is an increase in domestic financial intermediation for climate investments through banks and capital markets as India is on track to meet its Nationally Determined Contributions (NDC) goals,

Also read| IIT Madras to host ‘Demo Day’ for JEE aspirants on June 24

There is a need for direct policy action, supportive regulation, and prudent trade-offs to manage increased systemic risks associated with the transition to a low-carbon economy.The roundtable discussion at IIT Madras highlighted India's commitment to addressing climate change.

Also read| G20 Education Working Group: Seminar on accessible science held in Pune

The Climate Policy Initiative's Director for India, Dhruba Purkayastha, moderated the roundtable discussion. It was attended by senior officials from the Ministry of Finance, the Reserve Bank of India, prominent public and private sector banks, investors, industry groups, and international development financial institutions.