Context

Innovation, research and climate startups needs to be expanded at scale to meet the climate commitments and all the stakeholder-be it policy makers, private sector, investors and industry and MDBs must work on innovative solutions to expand the accessibility of finance

Background

The Climate Conference 2024, centered around the theme "Decoding the Green Transition for India." Organized by the Ministry of Environment, Forest and Climate Change, Government of India, the event aimed to explore the crucial role of the private sector, climate tech startups, and institutional investors in advancing India's green transition.

Key Highlights

Key Highlights and Initiatives:

1. Global Impact and Ministry's Actions:

• Researchers emphasized the global repercussions of climate change, urging immediate action, meticulous planning, and financial mobilization.
• The Green Credits Programme and the reinvention of ECOMARK labelling under the Lifestyle for Environment (LiFE) initiative were highlighted.

2. Emerging Issues and Critical Areas:

• NITI Aayog CEO addressed India's challenges of industrialization, urbanization, and growth, emphasizing five critical areas - renewable energy, energy storage, electric mobility, energy efficiency, and the circular economy.
• They underscored the role of promoting energy efficiency in micro, small, and medium enterprises (MSMEs) for cost savings and increased competitiveness.
• They also proposed a blend of public and private funds for high-risk climate projects, emphasizing the potential of green hydrogen and storage systems.

3. India's Roadmap to Net-Zero:

• The conference highlighted India's commitment to achieving net-zero by 2070, outlining a roadmap that involves green transition investments.
• The focus areas include transforming energy systems, reducing CO2 emissions, conserving natural resources, increasing biodiversity, and enhancing climate resilience in a socially just and inclusive manner.

Data and Facts:

• The conference was organized under the Green Climate Fund Readiness Programme, with UNDP India as the Delivery Partner and Avaana Capital as the Knowledge Partner.
• Participants discussed the Ministry's actions, including the Green Credits Programme and the reinvention of ECOMARK labelling under the Lifestyle for Environment (LiFE) initiative.

Way Forward:

The Climate Conference 2024 marked a pivotal moment in India's journey towards a green transition, bringing together key players to foster collaboration and innovation in the fight against climate change.