CLIMATE FINANCE AND INDIA 0 0

Abstract

This paper explores the critical role of climate finance in achieving global climate change mitigation, resilience, and adaptation goals. It highlights the global context of climate finance and emphasizes the need for significant financial resources to combat climate change impacts. The paper discusses global trends in climate and sustainable finance and then delves into the challenges faced by India in mobilizing sufficient climate finance, particularly the gap between required funding and current levels. The importance of developing an ecosystem comprising of policy and regulatory interventions, national climate finance taxonomy, financing instruments etc. - drawing inspiration from successful examples in the European Union, Philippines, and Malaysia - is a much-needed step for India. Such measures would provide clear definitions, prevent greenwashing, and facilitate the flow of funds towards climate-aligned activities. The paper then outlines key recommendations for India to unlock larger-scale green and climate finance. The paper concludes by advocating for the adoption of a climate finance taxonomy as a foundational step towards a robust policy framework for climate and sustainable finance in India.