On August 26, 2020, the Department of Economic Affairs (DEA), Ministry of Finance in partnership with the United Nations Development Programme (UNDP) India launched the Sustainable Finance Collaborative (SFC). In this regard, a three days consultation centered on the broad scope of Sustainable Finance architecture in India was held to accelerate green finance by bringing together leading experts and organizations.
- The thematic discussions included critical elements such as the barriers to deploying new and innovative financing such as impact investing, role of blended finance instruments, green finance instruments for sustainable development, need for taxonomy of environmentally sustainable activities, sustainability related disclosures by corporates, and preparing the financial sector for the risks posed by climate change and other environmental and social issues.
- Notably, before COVID-19, it was estimated that India needs over USD 2.6 trillion to meet the SDG targets by 2030.
It was attended by around 220 eminent thought leaders, partner organizations, different ministries and departments of Government of India (GOI), and key stakeholders across the sustainable finance landscape including Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI), Aid agencies, International Organizations, the United Nations (UN) system, multilateral development banks, financial institutions, impact and commercial investors, industry associations and private sector partners .
Recent Related News:
The Fifteenth Finance Commission (XV FC) has submitted its interim report for the period FY 2020-21 and the Government of India has accepted its recommendations in respect of the Rural Local Bodies (RLBs). The commission has recommended the grant of Rs.60,750 cr for the period FY 2020-21 for RLBs. This is the highest ever allocation made by the Finance Commission in any single year.
About United Nations Development Programme (UNDP):
Administrator– Achim Steiner
Headquarter– New York, United States of America (USA)