IFC lauds India’s efforts to combat the impact of climate change by taking proactive policy measures
IFC lauds efforts of India in tackling impact of climate change by taking proactive policy measures to support green financing initiatives
International Finance Corporation (IFC) has lauded the efforts of India in tackling the impact of climate change by taking proactive policy measures to support green financing initiatives. IFC released a report, Blended Finance for Climate Investments in India yesterday.
In its report, the IFC said, India has significantly developed its climate actions, resulting in a path to achieving its Nationally Determined Contribution well before 2030. It said, it is the only G20 nation in line with two degrees warming compared to its fair share contribution to climate action.
The report states that the Reserve Bank of India included the small Renewable Energy energy sector under its priority sector lending scheme in 2015. Since the issuance of Green Bonds, India has developed the second largest green bonds market among emerging economies.
It said, more than 10 billion US dollars worth of green bonds have been issued by private companies and public sector entities. Appreciating the Sovereign Green Bonds initiatives of the Indian government, the IFC report states that 50 percent of the total target of about two billion US dollars of green financing has been raised in the first tranche till February this year.
The IFC report also highlights the Panchamrit commitments announced by Prime Minister Narendra Modi to meet India’s COP26 ambitions. The report mentions that renewable energy sources contributed to 41 percent of India’s total installed capacity and the country stands fourth globally in terms of total renewable energy installed capacity. India is committed to meet 50 percent of its energy requirements from renewable energy by 2030.