in an era marked by escalating climate change impacts, state the challenges and prospects of climate financing in India or developing countries as a whole.
Subham BoseBegginer
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On: February 22, 2025
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Prospects of Climate Financing in India
– Net Zero Emissions Target: India has set a target of reaching net zero emissions by 2070, which will require significant investment in renewable energy and other low-carbon technologies ¹.
– Climate Finance Needs: India requires an estimated $2.5 trillion to meet its climate mitigation commitments by 2030, and an additional $1 trillion for adaptation and resilience investments ².
– Current Investment: Current investment in climate finance in India fulfills less than 25% of the estimated needs, highlighting the need for increased investment ².
– Role of Financial Institutions: Sector-specific financial institutions, such as REC Limited and Power Finance Corporation, play a crucial role in mobilizing green funds and driving the transition to cleaner energy ¹.
– Green Climate Fund: India has accessed funding from the Green Climate Fund, which aims to accelerate transformative climate action in developing countries ³.
– Challenges: Despite progress, climate finance in India faces challenges, including the need for innovative financial solutions, addressing barriers to investment, and fostering a sustainable finance ecosystem ¹.
– Opportunities: Climate finance in India presents opportunities for growth, including the development of new financial instruments, mobilizing debt, and strengthening capital markets ².