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Expert Committee on Climate Finance submits First Report on Transition Finance to IFSCA - (02 Jul 2024)

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The Expert Committee on Climate Finance submitted its first report on Transition Finance to the Chairperson, International Financial Services Centres Authority (IFSCA), Shri K. Rajaraman. The Expert Committee on Climate Finance was constituted by IFSCA on 21st December 2023. The Committee was formed to provide a roadmap for IFSCA to develop a climate finance ecosystem and instruments at GIFT IFSC with a special focus on Transition Finance as well as to provide recommendations on establishing the GIFT-IFSC as a global hub for climate financing. The Committee is chaired by Shri. Dhruba Purkayastha (Director-Growth and Institutional Advancement, Council on Energy, Environment and Water) and includes experts across policy think tanks, standard setters, consultants, industry, and global financial institutions.

The Report on Transition Finance captures the recommendations by the Expert Committee under three pillars:

1. Scope and definition of Transition Finance,

2. Policy and Regulation,

3. Financial Mechanisms and Instruments.

It emphasises the role of transition finance in driving investments towards hard-to-abate sectors such as steel, cement, shipping, fertilisers etc. which are crucial for economic growth of India and other developing nations. The report offers strategic recommendations to IFSCA and policy makers by exploring global best practices and regulatory landscapes. Further, it would enhance the role of GIFT-IFSC as a gateway for attracting international climate capital flows in order to achieve India’s ambitious goal of achieving net-zero by 2070. IFSCA will commence work on a framework for Transition Finance based on the report.

Tags : CLIMATE FINANCE   REPORT   SUBMISSION  

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