A Memorandum of Understanding (MoU) for Mutual Assistance and Cooperation in the Area of Sustainable Finance has been signed by the Council on Energy, Environment and Water (CEEW) and the International Financial Services Centers Authority (IFSCA).
According to a statement released by the IFSC Authority on Wednesday, sustainability is a common theme that unites both of these endeavours. In this context, finance is a key enabler, as highlighted by CEEW research, which projects that India’s net zero by 2070 target will require USD 10 trillion in investments.
India recently introduced Mission LiFE (Lifestyle for the Environment), a global environmental protection and preservation initiative led by India. According to a statement by the IFSC Authority, this was swiftly followed by the start of India’s G20 Presidency with the slogan “One Earth, One Family, One Future.”
An offshore jurisdiction in India called GIFT-IFSC is quickly becoming a major hub for sustainable finance. In light of this, IFSCA and CEEW are working together through a comprehensive partnership that includes research and cooperative events.
“We cannot talk about climate action without talking about climate financing,” CEEW CEO Arunabha Ghosh stated. Capital must move there, to the Global South, where it is most needed. Through this Memorandum of Understanding, IFSCA and CEEW will work together to conduct rigorous research, build rules and tools for sustainable finance in India, and serve as a conduit for sustainable investment in other emerging nations.
IFSCA Chair Injeti Srinivas stated that India has demonstrated leadership in the fight against climate change and has committed to achieving net-zero emissions by 2070. A step towards attaining climate targets and mobilising global resources through IFSC for sustainable development is this MoU between IFSCA and CEEW, which focuses on broad areas of sustainable finance.
The International Financial Services Centres Authority Act, 2019, created the IFSCA as a legislative body with the responsibility of creating and enforcing regulations for the financial institutions, financial services, and goods offered in the International Financial Services Centres.
One of Asia’s top non-profit organisations for conducting policy research is the Council on Energy, Environment, and Water (CEEW).
- In agreement to collaborate on sustainable finance, IFSCA and CEEW
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