City Corporation supporting new investment initiative to help India tackle climate change
The City of London Corporation is supporting a bold new project to finance inclusive, resilient and sustainable infrastructure in India.
The project - announced today [2 September 2021] at the 11th UK-India Economic and Financial Dialogue in London - is led by Bloomberg’s Climate Finance Leadership Initiative (CFLI), co-chaired by Macquarie Group and Tata Group and supported by governments on both sides. It aims to drive capital into India through public, private, and multilateral initiatives to help the country meet its 2015 Paris Agreement commitments, which include a pledge to reduce emissions intensity of GDP by 33-35% by 2030.
The City Corporation will support the initiative – known as CFLI India – by providing secretariat from London and the organisation’s longstanding representative office in Mumbai.
London, as a leading international financial centre and global hub for green finance, is well placed to help mobilise the huge amounts of public and private finance needed to fund the transition to a net zero carbon future, including the $100 billion climate finance commitments outlined in the Paris Agreement.
The announcement of CFLI India comes in advance of November’s UN Climate Change Conference – better known as COP26 – in Glasgow, where the City of London Corporation and Green Finance Institute are holding a hybrid summit on green finance. GHS@COP26 will focus on harnessing the scale and expertise of the global financial industry to tackle climate change and restrict global warming, by mobilising private capital in the transition to net zero
Lord Mayor of the City of London William Russell said:
“CFLI India is a genuinely new approach to mobilising capital at the scale and pace demanded by the global transition to net zero.
“In order to raise the trillion of dollars of investment needed, we must connect London’s innovation and talent together with India’s dynamism and industry. Together we can cut emissions and fight back against climate change.”
City of London Corporation Policy Chair Catherine McGuinness said:
“India has already taken bold steps to decarbonise its economy, but billions of financing is still needed to help the country meet its climate commitments.
“London is well placed to support this as a world leader in green finance, innovation and capital raising through CFLI India.”
Shravan Joshi MBE, City Corporation representative at CFLI said:
“It is critical that as we move towards a more sustainable future that financial markets like London partner with leading countries like India to develop projects that address climate change.
“The City of London Corporation has the ability to convene stakeholders from policy, finance, professional services & technology. With the City’s international focus, CFLI can help deliver a strong, sustainable legacy for future generations across the world.”
The City Corporation has a longstanding programme of work in India, and opened a representative office in Mumbai 13 years ago. More than 15 Indian financial firms have offices in London and many have branches across the UK.
Notes to editors
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk