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A Collective Focus to Achieve Net-Zero by 2070: PE&VC Conclave on “Financing India’s Green Future”

The Bombay Chamber, under the aegis of the PE&VC Committee, successfully convened a highly insightful Conclave on the topic, “Financing India’s Green Future.” The event, which took place in a hybrid mode, brought together industry leaders, experts, and thought pioneers to explore sustainable and responsible approaches to financing projects with significant environmental benefits. The Conclave addressed the pressing need for substantial investment and financing to support India’s ambitious goal of achieving net-zero emissions by 2070.

India, as one of the world’s largest emitters of greenhouse gases, is poised to make a transformative shift toward a cleaner, greener economy. According to a recent Reserve Bank report, India’s green financing requirement is projected to be at least 2.5 percent of its GDP annually until 2030. This commitment entails substantial investment in renewable energy and a significant reduction in the energy intensity of GDP, approximately 5 percent annually.

Sandeep Khosla, Director General of Bombay Chamber of Commerce & Industry, welcomed the audience and emphasised the pivotal role that green finance will play in India’s journey toward achieving net-zero emissions by 2070.

Setting the tone for the Conclave, Akalpit Gupte, Managing Director & Head Compliance at Deutsche Bank India, highlighted the need to mobilise funds and steer policy directives toward green initiatives. He emphasised the importance of accountability and the efficient utilisation of funds in green projects. Gupte also stressed the necessity of active regulations and industry participation in India’s sustainability efforts.

Delivering his Keynote Address, Shri Pramod Rao, Executive Director of SEBI, acknowledged the rapid changes happening in India, with the Government and RBI leading the way. He emphasised the importance of diverse funding sources for India’s corporate sector and the need to provide purpose-driven financing for sustainable initiatives. He discussed SEBI’s role in enhancing green finance through revised definitions, third-party verification processes, and enhanced disclosure mechanisms, such as mandating Business Responsibility and Sustainability Reporting (BRSR) BRSR Core Framework for assurance and ESG disclosures for top 1000 companies.

Giving his presentation, Amit Kumar, Partner-Climate and Energy Leader at Grant Thornton Bharat, discussed India’s long and short-term clean energy goals, emerging investment opportunities in clean energy sectors, and key green financing initiatives.

The first panel discussion, moderated by Saurabh Kamdar, Associate Partner at KPMG India, featured industry experts Govind Sankaranarayanan, Co-Founder & COO, Ecofy, Raman Kalra, Vice President & Senior Partner, Communications Sector Leader & Sustainability Consulting Leader, IBM , Padmanabh (Paddy) Sinha, Executive Director & CIO-Private Equity at National Investment and Infrastructure Fund (NIIF) and Siddharth Mayur, Founder, Managing Director & CEO, H2E Power Systems Private Ltd. & MD, HEXIS AG, discussing funding for India’s sustainability transition, renewable energy, mobility, infrastructure, and supply chain development. The panel explored niche and targeted green finance products, technology’s role in decarbonisation, and digital acceleration of the transition.

A presentation on GIFT IFSCA’s evolution and its role in financing India’s Green Future was delivered by Pavan Shah, General Manager, IFSCA.

The second panel discussion, moderated by Prerana Langa, CEO of Aga Khan Agency for Habitat India, focused on navigating the evolving regulatory landscape in green financing. Panellists, including Shailesh Haribhakti, Jigar Shah, Manu Maudgal, and Dr. Rambabu Paravastu, discussed carbon pricing regulations, sustainability actions, data quality improvement, and the real-world impact of sustainability initiatives.

The Conclave concluded with a Vote of Thanks by Ashith Kampani, Chairperson of the PE&VC Committee at Bombay Chamber, who expressed gratitude to the speakers, participants, and the Chamber for their invaluable contributions to the event.

The Bombay Chamber’s “Financing India’s Green Future” Conclave served as a platform for in-depth discussions, knowledge sharing, and collaborative efforts to support India’s journey towards a sustainable and environmentally responsible future.