R ARIVANANTHAM
CHENNAI, JULY 11
The International Financial Services Centres Authority (IFSCA) and Climate Policy Initiative – India (CPI) have signed a Memorandum of Understanding (MoU) on Tuesday for mutual assistance and cooperation to increase mobilisation of global sustainable capital flows into India.
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. Mobilisation of sustainable finance is critical to achieve transition to green and resilient economies. IFSCA has taken significant steps in accelerating global sustainable capital flows by creating a conducive regulatory environment, based on international best practices, focused especially on the needs of India and developing countries. With deep expertise in finance and policy, CPI is an analysis and advisory organization that works to improve the most important energy and land use practices around the world. CPI’s mission is to help governments, businesses, and financial institutions drive economic growth while addressing climate change. It is against this backdrop that IFSCA and CPI are collaborating through a wide-ranging MoU, which includes research and joint convenings in the field of sustainable finance.
- Mobilisation of sustainable finance is critical to achieve transition to green and resilient economies
- The International Financial Services Centres Authority inks MoU with IIML -EIC
Praveen Trivedi, Executive Director, IFSCA, said, “IFSCA intends to play a key role for India and other emerging economies to meet their net zero ambitions and achieve SDGs by developing IFSC as a global hub for sustainable finance. This is in-line with the vision of Hon’ble Prime Minister of India to make GIFT IFSC to be a gateway to global debt and equity capital for sustainable and climate projects. This MoU between IFSCA and CPI, focusing on broad areas of sustainable finance, is a step towards achieving a key objective to develop an ecosystem for mobilising global capital towards sustainable projects.”
Dr. Dhruba Purkayastha, India Director, Climate Policy Initiative, said, “As per the Landscape of Green Finance, report published by CPI in 2022, total tracked climate investments are of the order of $40 to $50 billion per year for FY2018 to FY2020, of which approximately 85% were through domestic sources. This is not sufficient to address the widening gap between required investment and financing to meet the India climate investment requirement. Greater international capital flows are required for a successful low carbon transition in India. IFSCA can play a critical role in enabling climate investments in India from international sources through the capital markets route. The MoU between IFSCA and CPI, aims to support the mobilisation of sustainable finance in India.”
IFSCA inks MoU with IIML -EIC
The International Financial Services Centers Authority (IFSCA) and IIML-EIC, have on Tuesday signed an MoU at IIM (Indian Institute of Management) Lucknow EIC, Noida campus in Uttar Pradesh.
This MoU aims to put in place a framework for cooperation and understanding between IFSCA and IIML- EIC to collaborate in supporting and facilitating FinTech and TechFin entities.
The IFSCA is responsible for development and regulation of international financial services, including that of insurance sector, in the IFSC, which is treated as a separate international financial jurisdiction, distinct from rest of India. IFSCA aims to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform at regional/ global level.
The IIML -EIC is promoted by Indian Institute of Management Lucknow and supported by National Science & Technology Entrepreneurship Development Board (NSTEDB), Department of Science and Technology (DST), Government of India and Government of state of Uttar Pradesh.The IIML EIC is focused on providing speed and faster growth to new ventures for successful commercialization of technology / product through a combination of accelerator programme, seed capital, corporate venture capital funds, smart co-working space, corporate market access, mentoring and training programmes.
This MoU will enable cooperation and collaboration on diverse initiatives regarding FinTech. FinTechs registered with IIML EIC may be facilitated to access IFSCA’s Regulatory and Innovation Sandbox and apply to the IFSCA (FinTech Incentive) Scheme, 2022.
