SIGN IN SUBSCRIBE

News Update

Yogi orders Judicial Probe into Hathras tragedyIndia, ADB sign USD170 mn loan to strengthen pandemic preparedness and responseBengal Governor gripes about protocol lapses during Siliguri visit; writes to State GovtCus - Export of non-basmati rice - Notification 20/2023 insofar as it denies the benefit of the transitional arrangement as contained in para-1.05 of the FTP 2023, is bad in law: HCHealth Ministry issues Advisory to States in view of Zika virus cases from MaharashtraCus - Refund of SAD - 102/2007-Cus - Areca Nut and Supari are one and the same - Objections with regard to name, nature and status of importer or buyers or the end use of goods purchased by them etc. are extraneous: HCExpert Committee on Climate Finance submits Report on transition finance to IFSCAGST - No E-way bill - When petitioner imports machinery and after Customs clearance, transports same to his own factory, it cannot be said that such a transportation would fall within the definition of term 'supply' - Penalty imposable under second limb of s.129(1)(a): HCWIPO data shows Chinese inventors filing highest number of AI patentsGST - Fix responsibility on officers who allowed BG to lapse - Petitioner not justified in not renewing BG - Cost of Rs.15 lacs imposed, to be paid to PM Cares Fund: HCManish Sisodia’s judicial custody further extendedWrong RoadST - Whether any service is used for personal consumption or not is certainly question of fact and being question of fact, no substantial question of law arises: HCGovt proposes to amend Geographical Indication of Goods Rules; Draft issued for feedbackWarehousing Authority notifies several agri goods to be stored in only registered warehousesST - Even if the petitioner may have a case on merits, it is best left to be decided by the Appellate Authority under the hierarchy prescribed under the FA, 1994: HCUS FDA okays Eli Lilly Alzheimer’s drugFive from Telangana killed in car accident on Pune-Solapur HighwayGST - Existence of an alternative remedy is a material consideration but not a bar to the exercise of jurisdiction: HCRailways earns Rs 14798 Crore from Freight loading in June month
 
Expert Committee on Climate Finance submits Report on transition finance to IFSCA

By TIOL News Service

NEW DELHI, JULY 03, 2024: THE Expert Committee on Climate Finance has submitted its first report on Transition Finance to the Chairperson, International Financial Services Centres Authority (IFSCA), K. Rajaraman yesterday.

The Hon'ble Prime Minister, while addressing investors and market participants, in IFSC on 9th December, 2023, had said:

"During our G-20 presidency, one of our priorities was to understand the need for sustainable finance to ensure global growth and stability. This would contribute to the transition towards greener, resilient, and inclusive societies and economies. According to some estimates, Bharat would require at least USD 10 trillion by 2070 to achieve the Net Zero Target. Financing from global sources is essential for this investment. Hence, we aim to make IFSC a global hub for sustainable finance. GIFT IFSC serves as an efficient channel for the necessary flow of green capital to build a low-carbon economy in Bharat. The development of financial products such as green bonds, sustainable bonds, and sustainability-linked bonds will make the path and access easier for the entire world."

Consequently, the Expert Committee on Climate Finance was constituted by IFSCA on 21st December 2023, to provide a roadmap for IFSCA to develop a climate finance ecosystem and instruments at GIFT IFSC with a special focus on Transition Finance as well as to provide recommendations on establishing the GIFT-IFSC as a global hub for climate financing. The Committee is chaired by Shri. Dhruba Purkayastha (Director-Growth and Institutional Advancement, Council on Energy, Environment and Water) and includes experts across policy think tanks, standard setters, consultants, industry, and global financial institutions.

The Report on Transition Finance captures the recommendations by the Expert Committee under three pillars:

1. Scope and definition of Transition Finance,

2. Policy and Regulation,

3. Financial Mechanisms and Instruments.

It emphasises the role of transition finance in driving investments towards hard-to-abate sectors such as steel, cement, shipping, fertilisers etc. which are crucial for economic growth of India and other developing nations. The report offers strategic recommendations to IFSCA and policy makers by exploring global best practices and regulatory landscapes, to enhance the role of GIFT-IFSC as a gateway for attracting international climate capital flows in order to achieve India's ambitious goal of achieving net-zero by 2070.  

IFSCA will commence work on a framework for Transition Finance based on the report.

The report and the detailed recommendations of the Expert Committee can be accessed on IFSCA website at https://shorturl.at/EqhIG.

The Committee is expected to continue its work and draft its next report on "Transforming GIFT-IFSC into a Climate Finance Hub". 

 


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
India's Path to Becoming a Superpower: An Interview with Pratap Singh

TOP NEWS


AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST