The Centre Friday suggested seeking additional premium in climate financing for vulnerable sectors and communities such as micro, small and medium enterprises (MSMEs), small and marginal farmers to accelerate the transition towards climate-resilient development.
The pitch for additional premium was made by Ajay Seth, Secretary, Department of Economic Affairs, during a stakeholder consultation workshop on ‘Understanding India’s Climate Financing needs and its mobilization with focus on Green Climate Fund (GCF)’, organised by the Ministry of Environment, Forest and Climate Change.
Seth also highlighted the importance of assessing sector by sector climate finance requirements towards low carbon transition. He also noted that the sectoral roadmaps to be prepared for key sectors of economy should cover the externalities and the delta for viability. Environment Secretary Leena Nandan stressed on the need for understanding the range of costs for meeting India’s ambitious climate actions which will indicate the scale of investments needed to be mobilised to spur low carbon and resilient growth.
She also emphasised that the role of public sources of funding would remain critical to mobilising and leveraging private capital. Nandan stressed on the scope, scale and speed of climate finance, which have to increase considerably to match the aspirations of an emerging economy like India. She emphasised on community level development projects which have the potential to generate green credits. ”Green credits generated through the carbon market can also act as an effective vehicle to attract investments,” Nandan said.
Besides Nandan and Seth, the inaugural session of the consultations was attended by Anupa Rimal Lamichhane, Regional Manager, Green Climate Fund, Shoko Noda, UNDP Resident Representative.
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