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India Global Forum (IGF)
India Global Forum (IGF)

Scope, Scale, Speed Key to unlock Climate Finance, Says India

ANI | Updated: Jun 29, 2022 15:21 IST


London [UK]/ New Delhi [India], June 29 (ANI/BusinessWire India): Day Two of UK-India Week 2022, organised by the UK-headquartered India Global Forum (IGF), took on a green focus with the Climate Finance and Technology Summit at Bloomberg headquarters in London.
Over the course of the day, the Summit brought together senior ministers, policymakers and industry leaders from India and the UK to deliberate on some of the most pressing issues around climate change and the role that technology, finance and sustainability initiatives can play in leveraging the wide-ranging UK-India partnership to achieve lasting solutions.
Bhupender Yadav, Union Cabinet Minister for Environment, Forest and Climate Change, Government of India, said, "For the developing countries, adaptation finance is important and the USD 100bn finance goal must be fulfilled by the developed world. And this climate finance must address the three essential Ss - scope, scale and speed.
"Climate change is not some disaster waiting for us in the future, but it's our current reality. India is relying mainly on domestic resources to implement adaptation and mitigation action on mission mode."
"We need to speed up the operationalisation of global goals on adaptations through securing adequate finance and technology transfer."
"We look forward to COP27 at Sharm El-Sheikh to focus on climate finance and adaptation agenda both at the level of technical negotiations and political arrangements."
In a session on investing in a green future post-COP26, Lord Gerry Grimstone, Minister of Investment, Government of UK, said, "I would like Indian companies to raise green finance in the UK. We should also encourage universities to work on this and exchange their PhD students. I am confident that it's going to happen".
Among some of the other sessions of the day included business contribution in shaping energy transition, the road ahead to COP27 and the role of disruptive technologies in climate action.
Alok Sharma, President, COP26, said, "We managed to get almost 200 countries to agree to a historic climate pact at COP26 because every country saw it's in their own self-interest to act. If I look at the scorecard, yes there's been progress, but we really need to speed up for COP27 at Sharm El-Sheikh."
"What we have learnt is that we cannot rely on fossil fuels and there is the need to accelerate on renewables."
"PM Modi is very committed to the issue of climate action. There's a real commitment on the part of the Indian govt to work with the UK on climate goals."
Sadhguru, Founder, Isha Foundation, summed up the day in his own words, "As a generation, we face a challenge, but we have the privilege and opportunity to turn things around too."
"Without addressing soil, how can you address climate change or global warming? Nearly 35-40 per cent of the world's global warming is because of open soils. The Save Soil campaign was to galvanise the people to mandate change from their governments; now businesses also need to act."
"By 2030, it is expected that 2/3rd of the land in the African continent will be degraded. In the last 25 years, we have lost 10 per cent of the world's land for desertification. What else does it take to wake us up?"
Addressing a critical issue, the Summit involved a range of stimulating conversations on funding climate action. Bringing together global leaders from diverse industries with a common purpose to energise climate action, the delegates discussed the way forward to secure much-needed funds to tackle climate change.
Prof. Manoj Ladwa, Founder and CEO of IGF, said, "Quick action is needed if we are to leave behind a habitable world for the coming generations. Here, technology will play a disruptive role in leapfrogging us ahead in the fight against climate change."

"IGF is playing a crucial role in seeking the most efficient routes to achieving technological and financial sufficiency in our common and global fight against climate change."
*Follow the action @IGFupdates #UKIndiaWeek.
Day One of UK-India Week 2022 (June 27) covered the Creative Industries and Cultural Economy Seminar at Nehru Centre, London, to explore the cultural partnership potential of the bilateral relationship. Day Three (June 29) will mark the launch of the flagship IGF Forum and also take on a Women in Leadership focus.
The UK-India Week is organised by IGF annually as a celebration of the myriad facets of this important bilateral relationship. The 2022 edition (27 June to 1 July) comes packed with a high-powered agenda, covering trade and economic exchanges, climate action, healthcare, technology, innovation and much more.
*The Programme for UK-India Week 2022 is here.
Just some of the high-profile speakers confirmed over the course of the week include:
Rishi Sunak, Chancellor of the Exchequer, UK Government
Dr S Jaishankar, Minister of External Affairs, Government of India
Sajid Javid, Secretary of State for Health and Social Care, UK Government
Dr Mansukh Mandaviya, Union Minister for Health & Family Welfare, Government of India
Dharmendra Pradhan, Minister of Education and Minister of Skill Development & Entrepreneurship, Government of India
Bhupender Yadav, Minister of Labour & Employment, Environment, Forest & Climate Change, Government of India
Dr Rajeev Chandrasekhar, Minister of State for Skill Development, Entrepreneurship, Electronics and IT, Government of India
Arjun Ram Meghwal, Minister of State for External Affairs of India
Alok Sharma, President, COP 26
*The full list of speakers is here
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

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