New Delhi (NVI): India, which is aiming for $5 trillion economy by 2024-25 needs to ensure that investments made in the economy are sustainable in terms of low carbon emission, a top official of the Finance Ministry said today.
Rajasree Ray, Economic Adviser, Ministry of Finance, said sustainable finance is no longer in the margins of discourse, but serious effort is being made to mainstream it.
Ray was speaking at the ‘India-UK Dialogue: Supercharging Sustainable Finance in India’, organised by FICCI in collaboration with UK’s Foreign & Commonwealth Office,l.
The first report of the India-UK Working Group on Sustainable Finance titled ‘Untapped Potential: Supercharging Green Finance in India’ was released during the event.
“The challenge is not only to mobilise resources and invest in various segments of the economy including infrastructure but to ensure that these investments are going to be sustainable particularly consistent with low carbon and sustainable development pathway,” Ray said.
The official said India joined the international platform on Sustainable Finance in October 2019, acknowledging the fact that the global nature of financial markets has the potential to help finance the transition to a green, low carbon and climate resilient economy by linking financing needs to global sources of funding.
Catherine McGuinness, Policy Chair, City of London Corporation, said India is one of the few countries with commitment compatible with the ambitions of the Paris Agreement.
