G20 India Private Sector Roundtable

G20 India Private Sector Round Table

Shakti Sustainable Energy Foundation participated in the third roundtable discussion on ‘Financing Nature-based Solutions (NbS)’ as part of the G20 India Private Sector Round Table, organised by International Financial Services Centres Authority (IFSCA) and UNDP, Financial Centres for Sustainability (FC4S) on May 31, 2024, in Gandhi Nagar, Gujarat.

Shubhashis Dey, Director–Climate Policy & Climate Finance, Shakti, at the third roundtable discussion on ‘Financing Nature-based Solutions (NbS)’

Shubhashis Dey, Director–Climate Policy & Climate Finance, Shakti, said, “I strongly believe that although the private sector investment remains low in Nature Based Solutions (NbS), US$35 billion was mobilised globally from Private Sector in 2022. This means that there are typology of projects where financial benefits of implementing NbS can be quantified. Here, comes the question on taxonomy, which can define those projects. The short-term strategy should be to first create a taxonomy and direct private sector investment towards NbS projects with quantifiable financial returns. Public sector investment should be directed towards bringing the remaining typology of NbS projects to a level where they also become investable. Further, a dedicated facility to connect up-stream and down-stream supply chain of NbS with investors and market can help kick start the process. Initially, the facility must help develop a pipeline of investment-grade NbS projects. The facility can be imagined both at national and sub-national level.”

The objective of the ‘G20 India Private Sector Roundtable’ was to garner substantial representation from India’s private sector in broader G20 discussions, thereby influencing global financial sustainability agendas. This roundtable shifted the conversation from the global to the national level, bringing together the private sector and government, including policymakers and financial regulators, for a robust discussion and meaningful exchange on G20 priorities in sustainable finance.

The round table aimed to provide valuable inputs for the G20 Sustainable Finance Working Group (SFWG), complementing the efforts of its Private Sector Roundtable by enabling in-depth national perspectives. This collaborative effort of UNDP India, FC4S, and IFSCA facilitated the gathering of diverse perspectives on the G20 SFWG Agenda and planted seeds to implement the annual recommendations at the national level.