Boosting investment for a “green economy”

Monday 11th November 2019 09:07 EST
 
(L-R) Dr. Mohan Kaul, Dr. Param Shah, Lord Jitesh Gadhia, Lord Mayor of London Peter Estlin, Tariq Ahmad, Baron Ahmad of Wimbledon, Her Excellency Mrs. Ruchi Ghanashyam and Sir Roger Gifford
 

On Thursday 7th November, over 100 British and Indian leaders gathered together at London's Guildhall to address the pressing concerns around the “world's environmental challenges”. The UK-India Sustainable Investing Forum was convened by the India Professionals Forum, the City of London, the High Commission of India, and supported by the British Foreign and Commonwealth Office.

Eminent dignitaries at the event included the Lord Mayor of London, Rt. Hon. Peter Estlin, the Indian High Commissioner to the UK, Her Excellency Mrs. Ruchi Ghanashyam, Minister of State for Commonwealth, United Nations and South Asia, Lord Ahmed of Wimbledon, Lord Jitesh Gadhia among others. Speaking about increasing investment to combat the climate crisis and urging “greater private investment”, Lord Ahmed of Wimbledon said,

“UK is already a world leader in international climate finance, and at the UN Climate Summit in September our Prime Minister announced that we would be doubling our investment - to over £11 billion over the next five years. But public funds alone will not be sufficient, which is why we are also stimulating private investment.”

He also spoke about India's role in harnessing solar energy through the International Solar Alliance and supporting other upcoming Infrastructure projects. He said,

“India has also played an important role through its leadership of the International Solar Alliance. India can count on our support in working together to mobilise more than $1 trillion of investments in solar energy by 2030. We also strongly support India’s proposed new Coalition for Disaster Resilient Infrastructure.

“Our joint Green Growth Equity fund is also showing great promise, drawing in up to £500 million in green infrastructure investment from global markets through the City of London. Its first investment was in Ayana Renewable Power in Andhra Pradesh, which is currently constructing 500 megawatts of solar generation capacity.”

Other subjects discussed included:Sustainable investment in India’s emerging environmental industry, Social and Governance (ESG) asset class, sustainability strategies for Indian trade and infrastructure investment, India’s Clean Ganges (Namame Gange) Sustainable Infrastructure Programme among others. At a time when the “green economy” appears to be booming,Rt. Hon. Peter Estlin, Lord Mayor of London, said,

“Green Finance is an exciting new area where the City of London has real expertise. $25 billion of green bonds are listed here in London. We are extremely well positioned to drive our commitment to support the greening of India’s economic growth story and strengthen the historic ties between our two countries.”

A joint report with FICCI about India was also launched. Speaking about deeper UK-India collaboration, Her Excellency Mrs. Ruchi Ghanashyam said,

“The UK-India Sustainable Investing Forum is a great commitment, bringing together leaders from India and the UK to deepen our collaboration and relationship – it is not only a win-win for both our countries, but a model for global partnership in tackling the world’s environmental challenges.”

President of the India Professionals Forum, Dr Mohan Kaul, concluded,

“India is demonstrating world leadership in combating climate change, and Indian business is leading in delivering on corporate social responsibility initiatives to tackle the global green agenda. I welcome the bold commitment given today by the leaders who attended the event, and the Forum will work with both partners to build on this solution and bridge any gaps.”


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