The International Financial Services Centres Authority (IFSCA) and the Council on Energy, Environment and Water (CEEW) have signed a memorandum of understanding (MoU) for mutual assistance and cooperation in the area of sustainable finance.
India recently launched Mission LiFE (Lifestyle for the Environment) as an India-led global movement to protect and preserve the environment. This was closely followed by the commencement of India's G20 Presidency, with the theme "One Earth, One Family, One Future", according to a statement from IFSC Authority.
Sustainability is a common thread that runs through both these endeavours, IFSC Authority said in a statement on Wednesday, adding that in this context, finance is a key enabler - as highlighted by CEEW research, which estimates that India's net zero by 2070 target would require USD 10 trillion in investments.
GIFT-IFSC, an offshore jurisdiction within India, is emerging as a global hub for sustainable finance. It is against this backdrop that IFSCA and CEEW are collaborating through a wide-ranging agreement, which includes research and joint events.
Injeti Srinivas, Chairperson, IFSCA, said, "India has shown global leadership in climate action and has committed itself to achieve net-zero emissions by 2070. This MoU between IFSCA and CEEW, focusing on broad areas of sustainable finance, is a step towards achieving climate goals and mobilising global capital, through IFSC, towards sustainable development".
Arunabha Ghosh, Chief Executive Officer, CEEW, said, "We cannot talk about climate action without talking about climate finance. For that, capital needs to flow where the sun shines the most - the Global South. This MoU between IFSCA and CEEW will ensure cooperation on thorough research work and development of regulations and instruments for sustainable finance in India and as a conduit to sustainable investment in other emerging economies."
The IFSCA is a statutory authority established under the International Financial Services Centres Authority Act, 2019 with a mandate to develop and regulate the financial products, financial services, and financial institutions in the International Financial Services Centres.
The Council on Energy, Environment and Water (CEEW) is one of Asia's leading not-for-profit policy research institutions.
( With inputs from ANI )
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