On the occasion of the visit to India by Mr Stephen de Boer, Assistant Deputy Minister of International Affairs, Environment and Climate Change Canada, the High Commission organised a round table discussion with a select group of climate experts from India on Monday, April 10, 2023 at Canada House, New Delhi.
Shubhashis Dey, Director Climate Policy and Climate Finance, Shakti reflected on India’s climate finance state of the sector situation. India need an upward of $150 billion per annum to achieve its 2030 NDC commitment and the current flow is around $45 billion per annum. Most of the current allocation are from domestic public and private sources. The limited flow of foreign private capital is further reduced by the recent protectionist financial policies in global north which created an artificial demand for clean finance in developed countries. Shubhashis requested Canada to take a leadership role in solving the global climate crisis. Canada can closely work with other G7 countries to move away from the traditional economic construct to a more holistic climate and people centric approach.