26 August 2020, New Delhi, India: The Department of Economic Affairs, Ministry of Finance, Government of India and United Nations Development Programme (UNDP) India launched the Sustainable Finance Collaborative (SFC) today. The three-day Consultation was held with the objective of bringing together leading experts and organizations to work together to boost the country’s efforts on mobilizing sustainable and green finance.
Before COVID, it was estimated that India needs over USD 2.6 trillion to meet the SDG targets by 2030. But public spending cannot bridge this gap alone. Mobilizing such a huge capital will require the collective efforts of both the public and private sectors. While financing the COVID recovery offers a unique opportunity to catalyze this collective action, these efforts must go deeper if this recovery is to be sustained. The collaborative is conceived as a platform to bring together the experts and organizations and invest in our collective future. The financial and commercial landscapes have to re-orient themselves towards a more robust and overarching approach to SDG and Sustainable Financing if India has to truly ‘build back better’.
The collaborative, launched earlier today, will hold dialogues and thematic discussions over the next two days with around 147 eminent thought leaders, partner organizations and key stakeholders across the sustainable finance landscape. In addition to the Ministry of Finance, other related ministries and departments of Government of India , delegates from Indian Financial sector regulators such as RBI and SEBI, Aid agencies, International Organizations, the United Nations system, multi-lateral development banks, financial institutions, impact and commercial investors, industry associations and private sector partners are part of this 3-day consultation.
DEA and UNDP are jointly curating a variety of thematic discussions that will cover both the broad scope of sustainable finance in India, as well as foster specific dialogue on key areas, such as the barriers to deploying new and innovative financing instruments for sustainable development, increasing the quality of corporate disclosures, and preparing the financial sector for the risks posed by climate change and other environmental and social issues. These discussions have been designed to provide valuable insights and tangible recommendations for building a holistic sustainable financing framework for India.
“While we recover from COVID, we must not lose sight of the bigger picture. With only a decade left to achieve the 2030 goals, and there are still many challenges that are yet to be faced, we have to come together and invest in our collective future. The Sustainable Finance Collaborative is strong step towards putting in a place a robust financing framework for India’s sustainable growth and development.” shared Ms. Shoko Noda, Resident Representative, UNDP India.
For more information, please contact:
Department of Economic Affairs
Vishal Pratap Singh
Deputy Secretary (United Nations and Sustainable Finance)
Department of Economic Affairs
Ministry of Finance, Government of India
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Head of Communications, UNDP India
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Advisor, Impact Finance, UNDP India & Social Asia
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About DEA: The Department of Economic Affairs (DEA) is one of the five Departments under the Ministry of Finance. The vision of DEA is to promote faster, equitable and sustainable growth of Indian economy, with the mission to assist the Central Government in maintaining sound public finances through sustainable, equitable and efficient use of the nation's economic resources, promoting conditions that accelerate sustainable economic growth through developing sound economic policies and preparing for future economic challenges and opportunities; and leading India’s bilateral and multilateral economic and financial engagements.
About UNDP: UNDP works across 170 countries and territories to eradicate poverty while protecting the planet. We help countries develop strong policies, skills, partnerships, and institutions so they can sustain their progress. UNDP has worked in India since 1951 in almost all areas of human development, from systems strengthening to inclusive growth and sustainable livelihoods, as well as sustainable energy, environment, and resilience. UNDP’s programmes continue to integrate a global vision for catalytic change with India’s national priorities. With over 30 projects on the ground in almost every state, today, it works to achieve the Sustainable Development Goals by transforming traditional models to do development differently.
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More on Sustainable Finance Collaborative: The Sustainable Finance Collaborative is being led by the Department of Economic Affairs (DEA), Ministry of Finance (MoF) with the support of the SDG Finance Facility (SDGFF) Platform housed at the United Nations Development Programme (UNDP) - acting as the secretariat. It is an opportunity to bring together leading stakeholders from the Government, Private Sector, Development and Aid Agencies, Financial Institutions and Multilateral Development Banks with a view to ideate, collaborate and contribute to promote sustainable finance in India.