Environment, Forest and Climate Change Minister, Bhupender Yadav, today hailed Green Finance as the backbone of resilient and competitive economies. Addressing an event in New Delhi, Mr Yadav said the industry must be mindful not only of its profit figures but also of the environmental costs hidden behind them. He highlighted the steps taken by the government to build confidence in green investments through the issuance of sovereign green bonds, transparency in green instruments and blended finance mechanisms.

The Minister underlined that such mechanisms are vital given that India will require over 10 trillion dollars by 2070 for achieving its net-zero ambitions. He outlined that developed countries bear a moral responsibility to support the global South, and the United Nations’ process target of 300 billion dollars by 2035 is inadequate and does not reflect the scale of the challenge.

Talking about India’s future growth trajectory, Mr Yadav said that the 21st century presents a twin responsibility for meeting its developmental aspirations while simultaneously protecting the planet from the impact of climate change, biodiversity loss and ecological degradation.