A masterclass on ‘Accelerating Climate Action with Financial Innovation: Opportunities and Challenges’ was organised by Impact Academy and facilitated by Shakti Sustainable Energy Foundation. The interactive master class was conducted by Shubhashis Dey, Director, Climate Policy and Climate Finance, Shakti, and attended by about 100 participants. Shubhashis spoke about the mainstreaming of global ESG investments and funds reaching tens of trillion dollars. With mainstreaming of ESG investment, there is an urgent need of standardised disclosure and reporting framework for investors and fund managers regarding the usage of proceeds so that green washing can be avoided. Responding to this growing need, policymakers and regulators in Europe and India are taking proactive measures to standardise the ESG reporting and disclosure practices.
The session revolved around the following key topics:
- Information on the RBI’s affirmative efforts (joining Network for Greening the Financial System (NGFS), Discussion Paper, and regulatory activity on Climate Risk and Sustainable Finance) as well as the SEBI’s Business Responsibility and Sustainability Report (BRSR) project.
- Sovereign green bonds, the Department of Economic Affairs developing a taxonomy for sustainable operations.
- Initiatives like the green hydrogen mission, the domestic carbon market, and offshore wind.
Addressing the growing demand for clarity and transparency in environmental, social, and governance (ESG) investments, Shubhasis Dey emphasised the need for standardised ESG reporting and disclosure practices. He stated, “With global ESG-focused investments already exceeding trillions of dollars, investors and regulators must have clear information on the usage of funds to prevent greenwashing. Recognizing this need, policymakers and regulators in Europe and India are taking proactive measures to standardize ESG reporting and disclosure practices.”
Impact Academy, an initiative by CSRBOX, is a platform dedicated to the professional development of individuals in the developmental sector. It focuses on bridging the knowledge and execution gaps within the social sector while facilitating effective solutions. The offerings of Impact Academy include a thoughtfully curated selection of capacity building courses, masterclasses, workshops, and seminars. By organising sessions like these, Impact Academy aims to equip professionals in the developmental sector with the necessary knowledge and tools to drive impactful climate action and foster financial innovation.