New Delhi,aug 23
A collective of Indian climate and energy transition industries is set to convene in London for a series of dialogues with global investors and the international finance community, at a time when the world is striving to mitigate climate-related challenges.The event, to be organized by the Climate and Energy Transition Finance Initiative (CETFI), will take place from September 25-27, 2024, and will focus on mobilizing significant global capital to drive sustainable development in India.As per a CETFI statement, a delegation of nearly 30 people comprising government, public, and private representatives, led by UK Sinha, former Chairperson of the Securities and Exchange Board of India (SEBI), will spearhead the discussions.Commenting on the importance of this event, Sinha said, “This gathering comes at a very opportune time as India is poised to present a USD 5 trillion investment opportunity for its sustainable development over the next decade.”
“This is not only crucial for India but also holds significant relevance for the Global South under South-South initiative,” Sinha added, as per the statement.Congratulating CETFI on its achievements, Amitabh Kant, India’s G20 Sherpa, remarked, ” CETFI has set an ambitious and strategic goal to establish linkages with global capital markets and mobilize over USD 6 trillion by 2030, facilitating the Global South’s efforts to meet its Nationally Determined Contribution (NDC) targets under the Sustainable Development Goals (SDGs).”As per the statement, he further added that “these advancements will be instrumental in discussing the various archetypes of climate and energy transition in the upcoming COP and G20 meetings, which have underscored the necessity for a paradigm shift in our approach to climate finance.”Over three days, Indian entities will present a wide array of projects to more investors across various sectors including renewable energy, green hydrogen, biofuels, water, waste management, sustainable transport, nature conservation, the built environment, and green manufacturing. The projects are listed in the CETFI-Register, a compendium of qualified climate projects for the global south that can be accessed by investors world-over.The Climate and Energy Transition Finance Initiative (CETFI) is a multi-stakeholder alliance established in November 2023.At COP26 held in 2021, India as a whole committed to an ambitious five-part “Panchamrit” pledge. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, to reducing emissions by 1 billion tonnes by 2030.India also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070.
About 44 per cent of India’s energy requirements at present come from non-fossil sources and are likely to touch as high as 65 per cent by 2030, much higher than what the country pledged at the COP summit in 2021.
