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Finance Ministry and UNDP India collaborate to pormote sustainable finance in India Sustainable finance
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Finance Ministry and UNDP India collaborate to pormote sustainable finance in India

India Blooms News Service | @indiablooms | 01 Sep 2020, 12:29 am

New Delhi/IBNS: The Department of Economic Affairs, Ministry of Finance, Government of India and United Nations Development Programme (UNDP) India have launched the Sustainable Finance Collaborative (SFC). The three-day consultation was held with the objective of bringing together leading experts and organizations to work together to boost the country’s efforts on mobilizing sustainable and green finance.

Before COVID, it was estimated that India needs over USD 2.6 trillion to meet the SDG targets by 2030. But public spending cannot bridge this gap alone. Mobilizing such a huge capital will require the collective efforts of both the public and private sectors.

While financing the COVID recovery offers a unique opportunity to catalyze this collective action, these efforts must go deeper if this recovery is to be sustained.

The collaborative is conceived as a platform to bring together the experts and organizations and invest in our collective future. The financial and commercial landscapes have to re-orient themselves towards a more robust and overarching approach to SDG and Sustainable Financing if India has to truly ‘build back better’.

The collaborative will hold dialogues and thematic discussions over the next two days with around 147 eminent thought leaders, partner organizations and key stakeholders across the sustainable finance landscape.

DEA and UNDP are jointly curating a variety of thematic discussions that will cover both the broad scope of sustainable finance in India, as well as foster specific dialogue on key areas, such as the barriers to deploying new and innovative financing instruments for sustainable development, increasing the quality of corporate disclosures, and preparing the financial sector for the risks posed by climate change and other environmental and social issues. 

These discussions have been designed to provide valuable insights and tangible recommendations for building a holistic sustainable financing framework for India.

“While we recover from COVID, we must not lose sight of the bigger picture. With only a decade left to achieve the 2030 goals, and there are still many challenges that are yet to be faced, we have to come together and invest in our collective future. The Sustainable Finance Collaborative is strong step towards putting in a place a robust financing framework for India’s sustainable growth and development.” shared Shoko Noda, Resident Representative, UNDP India.