Industry steps up to support India's low-carbon future

The Climate Finance Leadership Initiative India (CFLI India) revealed a groundbreaking financial initiative aimed at channelling over $6.5 billion to bolster India’s transition towards low-carbon and climate-resilient development.

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The announcement was made during the ongoing UN climate talks in Dubai, UAE, by Michael R Bloomberg, the UN’s Special Envoy on Climate Ambition and Solutions, and Chair of CFLI.

These financial solutions specifically target sectors aligned with India’s climate priorities, including e-mobility, circular economy, green hydrogen, and renewables. With projections to generate private capital for India’s net-zero target by 2070, these initiatives aim to mobilize significant funds from both public and private sources. Bloomberg emphasized that this partnership would expedite India’s clean energy transformation while providing a blueprint for achieving global net-zero objectives, fostering economic resilience, job creation, and public health improvements.

N Chandrasekaran, Chairman of Tata Sons, stressed the critical need for substantial investments in India to align with the global 1.5-degree Celsius pathway as outlined in the Paris Agreement. He emphasized the urgency of these financial commitments to curb emissions and mitigate the detrimental impacts of climate change.