Context:

The International Financial Services Centres Authority (IFSCA) and Climate Policy Initiative – India (CPI) have signed a Memorandum of Understanding (MoU) for mutual assistance and cooperation to increase mobilization of global sustainable capital flows into India.

About the news:

• The commencement of India’s G20 Presidency begins with the theme “One Earth, One Family, One Future”. Sustainable development is a key priority that runs across the priorities of G20 working groups.
• It is against this backdrop that IFSCA and CPI are collaborating through a MoU, which includes research and joint convenings in the field of sustainable finance.

About IFSCA

• The IFSCA is a statutory authority established under the International Financial Services Centres Authority Act, 2019.
• Mandate: 
  • To develop and regulate the financial products, financial services, and financial institutions in the International Financial Services Centres (‘IFSC’). 
  • To act as a unified regulator with a holistic vision in order to promote ease of doing business in International Financial Services Centres and provide a world class regulatory environment.
• Aim: 
  • To develop a strong global connect and focus on the needs of the Indian economy
  • To serve as an international financial platform for the entire region.

About Climate Policy Initiative:

• It is an independent not for profit, analysis and advisory organization with deep expertise in finance and policy. 
• CPI was founded in 2009 to support nations building low-carbon economies to develop and implement effective climate, energy, and land use policies.
• Mission: 
  1. To support governments, businesses, and financial institutions drive economic growth while addressing climate change. 
  2. To build a sustainable, resilient, and inclusive global economy
• CPI India Private Limited has been working to support India in fulfilling its global climate change commitments.
• Projects with India:
  1. US India Clean Energy Finance (USICEF)
  2. India Clean Energy Finance 2.0 (ICEF 2.0)
  3. Productive Use of Renewable Energy (PURE)
  4. India Distributed Solar Finance initiative (IDSF)
  5. Global Innovation Lab for Climate Finance (India Chapter)
  6. Just Energy Transition

News Source: pib