Green Climate Fund hosted the inaugural workshop of Private Sector Facility on Monday,in New Delhi, a first of its kind in India, aimed at showing the private sector its possible role in tackling the effects of climate change.
The Green Climate Fund (GCF), a multi-lateral financial entity within the United Nations Framework Convention on Climate Change (UNFCCC), was created to assist projects and programs within developing countries fighting the effects of climate change.
With the collaboration of National Bank for Agriculture and Rural Development (NABARD), India’s only accredited Direct Access Entity to the fund, a workshop was organised in an attempt to address the growing need for initiatives and participation by the private sector in tackling an extremely important but largely unaddressed issue of- Climate change.
NABARD works to promote sustainable agriculture and rural development, and has seen joint initiatives with other organisations, both private and public sector. It is also the National Implementation Entity (NIE) for Adaptation Fund under UNFCCC, as well as for National Adaptation Fund for Climate Change (NAFCC).
The aim of the workshop was to provide access to funds for the private sector entities for projects and initiatives that would include renewable energy, waste management and urban planning,energy efficiency, agriculture and water efficiency, forestry, and land use. Funding opportunities through the GCF was made clear, and stakeholders encouraged to utilise the funds, along with the need for moving towards low emission and climate-friendly development pathways.
Mobilising finance resources for green investments
The workshop was the first of its kind and was also addressed bt Anil Madhav Dave, Minister of State, Environment, Forest and Climate Change. He emphasised on the need for mobilisation of financial resources for clean-green investment, and asked for greater participation of stakeholders in the planning process. Calling for framework for impact assessment after completion of project, he also asserted that sustainability could be built through traditional knowledge.
Joint Secretary of the Environment Ministry Ravi Shankar Prasad, who was also present at the workshop, highlighted the importance of GCF mechanism by emphasising on quality proposals in line with national priorities. NABARD Deputy Managing Director H R Dave said that generation of transformational and high impact projects under GCF was of utmost importance and indicated that NABARD would provide all necessary support in the process.
Climate change ignored
India is facing a big challenge with development due to climate change. Predictions of the Sunderbans region, among other coastal areas, being submerged, and large parts of the country facing the effects of climate change through increased temperatures are alarming. India recorded its hottest day ever with a city in the western state Rajasthan, at 51 degrees Celsius.
With a call to the private sector to tackle this urgent issue, the workshop has hoped to bring in the private sector into the fight towards dealing with climate change.