India Inc's top companies join the India-UK Climate Finance Initiative
- IBEF
- November 2, 2021
UK and Indian government jointly launched the Climate Finance Leadership Initiative (CFLI) in September 2021 to strengthen climate and green energy projects in India will have leading Indian and global business groups as founding members.
CFLI India members include Tata Sons, GIC Private Limited, Goldman Sachs, HDFC Bank, HSBC, Kotak Mahindra Bank Limited, Larsen & Toubro Ltd, Macquarie Group and State Bank of India.
The UK and Indian governments in September 2021 unveiled a Climate Finance Leadership Initiative (CFLI) India partnership, which intends to mobilise private capital into sustainable infrastructure here. These investments will assist India’s target of 450 GW renewable energy by 2030.
Under CFLI, a group of leading financial instruments would organise private capital into sustainable infrastructure in India, comprising clean energy like wind and solar power and other green technologies. It is chaired by Mr. Michael Bloomberg, UN Special Envoy on Climate Ambition and Solutions.
In an announcement, CFLI said, the India chapter will seek to fast-track financing for opportunities in enabling infrastructure for renewables; water and waste infrastructure for a circular economy; electric mobility and charging infrastructure; and innovations for decarbonizing various industrial sectors.
Mr. N. Chandrasekaran, Chairman, Tata Sons, said the group will look ahead to steering this initiative forward alongside other leading global financial institutions and corporates. “We will work towards advancing the public-private cooperation that is vital to strengthening enabling policy environments for opening private capital and moving towards net-zero goals,” he added.
CFLI India is the first in a series of country pilots formed by the CFLI. In its announcement, it said, the CFLI members can help fill the BloombergNEF-estimated US$ 649 billion financing disparity across the power sector for India to reach its 450GW renewable energy target.
Led by Bloomberg, CFLI India is co-chaired by Mrs. Shemara Wikramanayake, Managing Director and Chief Executive Officer of Macquarie Group, and Mr. N Chandrasekaran, Chairman of Tata Sons. It is also endorsed by the UK and Indian Governments, the City of London Corporation and the Global Infrastructure Facility.
CFLI was formed in 2018 by Mr. Mike Bloomberg at the plea of United Nations Secretary General Mr. António Guterres to lead a private sector initiative to support a global mobilization of private finance in response to the challenge of climate change.
CFLI is accountable for US$ 6.2 trillion in assets and aims to create “investment-friendly business environments and strong pipelines of bankable sustainable infrastructure opportunities in emerging markets,” the statement stated.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
