India’s distinctive approach to climate action and financing was highlighted by Shri Amitabh Kant, G20 Sherpa, “It’s important to understand the significance of the Global South

The GreenReturns Summit 2024, organised by the Indian Venture and Alternate Capital Association (IVCA), witnessed an enlightening fireside chat between Shri Amitabh Kant, G20 Sherpa of India and Pratibha Jain, Co-Chair, IVCA Climate and Sustainability Council, and Head of Strategy and Group General Counsel, Everstone Group.

During the discussion, Pratibha Jain sought through Shri Kant, India’s unique perspective on the nation’s G20 presidency and steps taken on climate action and climate financing. Shri Kant shared his insights on India’s pivotal role in accelerating global climate action, emphasising the essential link between sustainable investments and economic growth.

India’s distinctive approach to climate action and financing was highlighted by Shri Amitabh Kant, G20 Sherpa, “It’s important to understand the significance of the Global South. As per IMF, the world is projected to grow by 3.2 per cent this year, with developed nations growing at 1.8 per cent and emerging economies of the Global South at 4.4 per cent. For the next three decades, the IMF predicts higher growth for the emerging markets. Thus, our institutions need to be redesigned to factor in the challenge of climate-action and take into account our Global South. The Global North needs us to grow. During India’s G20 presidency, we shifted the conversation from billions to trillions, significantly expanding renewable energy initiatives and advocating for a Green Development Pact. With developed nations occupying 82 per cent of the world’s carbon space, the Global South faces the brunt of climate change, which threatens to push 100 million people into poverty. The Global South must work together, as India depicted during its G20 presidency. It demonstrated that when the Global South speaks with one voice and one language, you get results on climate action.”

Kant drew attention to the urgent need to align private investments with public policy to close the USD 3.5 trillion financing gap by 2030, which is essential for India to meet its climate goals. This highlights the summit’s key objective: to drive actionable solutions that accelerate India’s transition to net-zero emissions by 2070. In this context, the IVCA GreenReturns Summit serves as a key platform bringing together policymakers, investors, and sustainability leaders to address climate financing and drive actionable solutions for a sustainable future.