The Government of India organized a stakeholder consultation workshop on ‘Understanding India’s Climate Financing needs and its mobilization with focus on Green Climate Fund (GCF)’ under the ongoing GCF Readiness Program on 24^th June 2022 in New Delhi. The workshop addressed ways of mobilizing finance at scale to facilitate a shift to low greenhouse gas emission and climate resilient development path, aligned with India’s Nationally Determined Contributions under Paris Agreement. The workshop suggested that sustainability path significantly raises the need for finance and human, technological and institutional capacities.

The task of developing a global architecture for trade in credits for emission reductions under Article 6 of the Paris Agreement is assigned to the UNFCCC Secretariat, as per the decisions of Parties to Paris Agreement.  The GCF’s objective is to support shift towards low-emission and climate resilient development path by providing support to developing countries in the form of grants, loans, guarantees, equity etc. The Government of India has been actively engaging with GCF. So far, 5 projects have been approved with total allocation of USD 514.8 million in diverse areas including water, clean energy, livelihoods and transport. Two projects under GCF i.e., (i) Ground Water Recharge and Solar Micro Irrigation to Ensure Food Security and Enhance Resilience in Vulnerable Tribal Areas of Odisha and (ii) Enhancing climate resilience of India’s coastal communities, are being implemented with the active participation of communities in the states of Andhra Pradesh, Maharashtra and Odisha.

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Green Climate Fund, UNEP – UN Environment Programme

Green Climate Fund

Source: PIB, 18 July 2022