Activities at India Pavilion on December 10, 2015, Le Bourget, Paris
The India Pavilion today, at the Conference of Parties (COP) 21 Climate Summit, hosted eminent panelists to discuss climate financing and adaptations & mitigation efforts being taken by the industry. The two sessions were hosted by industry associations- FICCI and CII.
Addressing the first session, Ms Rita Roy Choudhury, FICCI said, “It will be critical to align the financial system towards climate change and sustainability agenda, to enable ease of access to finance and availability of long term funding for mitigation and adaptation targets and priorities. FICCI and UNEP Inquiry have proposed specific recommendations on aligning financial system towards a sustainability agenda. These recommendations highlight the need for a transformation within financial system through a combination of a sustainability oriented market framework and requisite policy interventions that will allow and catalyse the financial sector towards sustainable development priorities, while the government addresses larger structural issues that mitigate risks for the financial sector.”
Mr Nick Robins from UNEP explained the need to aligning financial systems with sustainable development. He said, “Financing for sustainable development can be delivered through measures focused on the financial system as well as the real economy. A quiet revolution is underway; a growing number of policy innovations have been introduced by both developing and developed countries, demonstrating how the financial systems can be better aligned with sustainable development.”
The session saw eminent speakers like Ms. Rita Roy Choudhury, Senior Director, FICCI; Mr. Ardeshir Contractor, Co- Chair of FICCI Solar Energy task force and Managing Director and CEO of Kiran Energy; Mr. Pashupathy Gopalan, President Asia Pacific, SunEdison; Mr. Karnam Sekar, Deputy MD & Chief Credit Officer, State Bank of India; and Mr Nick Robins, Co- Director, UNEF Inquiry; discuss the role of finance in India’s climate change efforts. Brief presentations on the prospects of accessing climate finance were made by Mr Harsh Kumar Bhanwala, chairman, NABARD.
In the second programme on role of private sector in adaptation and mitigation, the participants were Ms. Seema Arora, ED, CII-ITC Centre of Excellence; Dr. Anirban Ghosh, VP, Group Sustainability Strategic initiatives and industry affairs, Mahindra & Mahindra; Mr. Nagahari Krishna L, Director, Danfoss Industries; Mr. Nazeeb Arif, Executive Vice President, ITC Ltd; Mr. Mahendra Singhi, Group CEO and Whole Time Director, Dalmia Cement; Mr. Anton Hilber, Head of Global Programme on Climate Change, Swiss Agency for Development & Cooperation.
Speaking at the occasion Mr. Nazeeb Arif said, “Climate change is undoubtedly one of the most daunting challenges confronting society today. While ITC’s large scale initiatives in afforestation, sustainable agricultural practices and watershed development have helped in making rural communities in our catchment areas more secure, the Company has also pursued an extensive low carbon strategy in its operations. This is manifest in our efforts to continuously enhance energy efficiency and conservation as well as invest in cleaner and renewable energy sources. Today, more than 43% of the Company’s total energy consumption is from renewable sources. Several ITC Hotels and manufacturing facilities are powered by renewable energy. It is our aspiration to increase the share of renewable energy to 50% by 2020.”
Participants of the event discussed climate change as an environmental and an economic issue. Climate finance is vital for developing countries to design and implement adaptation and mitigation plans and projects. The problem is more severe for developing countries like India, which would be one of the hardest hit by climate change, given its need to finance developmental issues like poverty eradication, food security, providing clean drinking water and sanitation, among others. Maximum share of India's current climate finance comes from budgetary sources, as most of the resources for adaptation and mitigation are built into the ongoing sectoral programmes. The availability of funds for such purposes is largely guided by the overall resources and requirement of different sectors.
600-700 people visited India pavilion today including Mr. Jean Pierre Ngoma, Journalist of Republic of Congo, who took India Pavilion’s as a breath taking backdrop for his national live telecast as he deeply believes in India, CLIMATE justice stand.
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December 11 Valedictory, 2015
India’s INDC is prepared in a balanced and comprehensive manner to reflect all issues of
mitigation, adaptation, finance, technology transfer and capacity building while simultaneously endeavoring to meet all the developmental challenges that the country faces today.