Conference: Towards the Greening of the Indian Financial System
Promoting Knowledge Exchange and
International Network
Following COP 26, India set ambitious climate targets with enhanced NDCs and net zero emissions by 2070. Meeting these targets will require approximately $2.5 trillion till 2031, but only 13 per cent of this funding has been mobilised so far. In January 2022, Agence Française de Développement (AFD), Small Industries Development Bank of India (SIDBI) and Shakti Sustainable Energy Foundation launched the Green Indian Financial System Initiative to foster dialogue on green finance in India and catalyse green finance initiatives.
The initiative is fueled by continues exchange of knowledge and experience between the Indian community and its French and European counterparts. Throughout 2022, GIFS has been implementing conferences, bilateral networking events, training workshops and high-level closed-door seminars to raise awareness and aid the development of green finance instruments to aid the achievement of India’s ambitious climate goals. View brochure.
On November 28, 2022, GIFS organised its final convening in Mumbai, India bringing together high-level Indian officials and senior representatives from Indian, French and EU financial institutions and development banks to identify priority areas for action and further boost synergies in the Indian financial sector. The convening highlighted GIFS achievements and milestones during the year, upcoming shifts in policy and financial landscape along with exciting new initiatives planned for the next year.
By gathering a community of like-minded finance practitioners composed of banks and financial institutions wiling to participate to the greening of the Indian financial system, the GIFS initiative expects to widen and share the discourse around the greening of the Indian financial system.
The event was hosted by Mr Ramann Sivasubramian, Chairman and Managing Director, SIDBI, Mr Remy Roux, CEO of AFD and Koyel Kumar Mandal, Chief of Programmes, Shakti Sustainable Energy Foundation. The concluding address was given by Mr Jayant Sinha, Chairperson, Standing Committee on Finance, Parliament of India, Mr Rajeshwar Rao, Deputy Governor, Reserve bank of India (RBI) and Mr Ananta Barua.
The organisers signed a joint declaration at this GIFS event, reaffirming their commitment to greening the Indian financial system and strengthening further the GIFS dynamic in the coming years. The event also saw the launch of GroW–Greening of Finance by Women, an exclusive network for leveraging women’s knowledge and networks and advancing their participation towards greening of financial systems.
For more information, visit the GIFS website and Green Indian Financial System Initiative. Read the press release here.