Context:
The International Financial Services Centres Authority (IFSCA) and Climate Policy Initiative – India (CPI) have signed a Memorandum of Understanding (MoU) for mutual assistance and cooperation to increase mobilization of global sustainable capital flows into India.
About the news:
- The commencement of India’s G20 Presidency begins with the theme “One Earth, One Family, One Future”. Sustainable development is a key priority that runs across the priorities of G20 working groups.
- It is against this backdrop that IFSCA and CPI are collaborating through a MoU, which includes research and joint convenings in the field of sustainable finance.
- The IFSCA is a statutory authority established under the International Financial Services Centres Authority Act, 2019.
- Mandate:
- To develop and regulate the financial products, financial services, and financial institutions in the International Financial Services Centres (‘IFSC’).
- To act as a unified regulator with a holistic vision in order to promote ease of doing business in International Financial Services Centres and provide a world class regulatory environment.
- Aim:
- To develop a strong global connect and focus on the needs of the Indian economy
- To serve as an international financial platform for the entire region.
- It is an independent not for profit, analysis and advisory organization with deep expertise in finance and policy.
- CPI was founded in 2009 to support nations building low-carbon economies to develop and implement effective climate, energy, and land use policies.
- Mission:
- To support governments, businesses, and financial institutions drive economic growth while addressing climate change.
- To build a sustainable, resilient, and inclusive global economy
- CPI India Private Limited has been working to support India in fulfilling its global climate change commitments.
- Projects with India:
- US India Clean Energy Finance (USICEF)
- India Clean Energy Finance 2.0 (ICEF 2.0)
- Productive Use of Renewable Energy (PURE)
- India Distributed Solar Finance initiative (IDSF)
- Global Innovation Lab for Climate Finance (India Chapter)
- Just Energy Transition
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