finance
The International Financial Services Centres Authority (IFSCA) has taken a significant step towards sustainable finance by establishing an Expert Committee. This committee aims to enhance India's role in climate action and sustainable financial practices.
IFSCA has been established as a robust regulator focused on the development and oversight of financial products, services, and institutions within India's International Financial Services Centres (IFSCs).
Recognizing its potential as a leader in climate initiatives, India has committed to its Nationally Determined Contributions under the Paris Agreement. To achieve the necessary funding for extensive climate change adaptation and mitigation efforts, substantial participation from international investors is essential. Therefore, IFSCA envisions the GIFT-IFSC as a global hub for sustainable finance, facilitating the inflow of foreign capital into India.
To create the required ecosystem for sustainable finance, IFSCA has formed an Expert Committee tasked with recommending strategies for developing a Sustainable Finance Hub and outlining a roadmap for its implementation. The committee is chaired by Shri C.K. Mishra, Former Secretary to the Government of India, Ministry of Environment, Forest & Climate Change. It comprises industry leaders from various fields related to sustainable finance, including representatives from international agencies, standard-setting bodies, investment funds, academia, and consultancy firms.
The establishment of the Expert Committee marks a critical development in supporting sustainable finance in India, establishing a framework for fostering international investments that aid in addressing climate change challenges.