{"id":26401,"date":"2023-07-12T19:07:07","date_gmt":"2023-07-12T13:37:07","guid":{"rendered":"https:\/\/pwonlyias.com\/stage\/?post_type=current-affairs&#038;p=26401"},"modified":"2023-07-12T19:07:07","modified_gmt":"2023-07-12T13:37:07","slug":"mou-by-ifsca-to-cooperate-on-sustainable-finance","status":"publish","type":"current-affairs","link":"https:\/\/pwonlyias.com\/stage\/current-affairs\/mou-by-ifsca-to-cooperate-on-sustainable-finance","title":{"rendered":"MoU by IFSCA to cooperate on Sustainable Finance"},"content":{"rendered":"<p><b>Context:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The International Financial Services Centres Authority (IFSCA) and Climate Policy Initiative &#8211; India (CPI) have signed a Memorandum of Understanding (MoU) for mutual assistance and cooperation to increase mobilization of global sustainable capital flows into India.<\/span><\/p>\n<p><b>About the news:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The commencement of India\u2019s G20 Presidency begins with the theme <\/span><b>\u201cOne Earth, One Family, One Future\u201d.<\/b><span style=\"font-weight: 400;\"> Sustainable development is a key priority that runs across the priorities of G20 working groups.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">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.<\/span><\/li>\n<\/ul>\n<p><b>About IFSCA<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The IFSCA is a <\/span><b>statutory authority<\/b><span style=\"font-weight: 400;\"> established under the <\/span><b>International Financial Services Centres Authority Act, 2019.<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mandate<\/b><span style=\"font-weight: 400;\">:\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To develop and regulate the financial products, financial services, and financial institutions in the International Financial Services Centres (\u2018IFSC\u2019).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">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.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Aim<\/b><span style=\"font-weight: 400;\">:\u00a0<\/span>\n<ul>\n<li><span style=\"font-weight: 400;\">To develop a strong global connect and focus on the needs of the Indian economy<\/span><\/li>\n<li><span style=\"font-weight: 400;\">To serve as an international financial platform for the entire region.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>About Climate Policy Initiative:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is <\/span><b>an independent not for profit, analysis and advisory organization<\/b><span style=\"font-weight: 400;\"> with deep expertise in finance and policy.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">CPI was <\/span><b>founded in 2009<\/b><span style=\"font-weight: 400;\"> to support nations building low-carbon economies to develop and implement effective climate, energy, and land use policies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mission<\/b><span style=\"font-weight: 400;\">:\u00a0<\/span>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To support governments, businesses, and financial institutions drive economic growth while addressing climate change.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To build a sustainable, resilient, and inclusive global economy<\/span><\/li>\n<\/ol>\n<\/li>\n<li><span style=\"font-weight: 400;\">CPI India Private Limited has been working to support India in fulfilling its global climate change commitments.<\/span><\/li>\n<li><b>Projects with India:<\/b>\n<ol>\n<li><span style=\"font-weight: 400;\">US India Clean Energy Finance (USICEF)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">India Clean Energy Finance 2.0 (ICEF 2.0)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Productive Use of Renewable Energy (PURE)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">India Distributed Solar Finance initiative (IDSF)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Global Innovation Lab for Climate Finance (India Chapter)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Just Energy Transition<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<p><b><i>News Source: <\/i><\/b><a href=\"https:\/\/pib.gov.in\/PressReleseDetailm.aspx?PRID=1938733\" target=\"_blank\" rel=\"noopener\"><b><i>pib<\/i><\/b><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Context: The International Financial Services Centres Authority (IFSCA) and Climate Policy Initiative &#8211; 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\u2019s G20 Presidency begins with the theme \u201cOne Earth, One Family, One&hellip; <a class=\"more-link\" href=\"https:\/\/pwonlyias.com\/stage\/current-affairs\/mou-by-ifsca-to-cooperate-on-sustainable-finance\">Continue reading <span class=\"screen-reader-text\">MoU by IFSCA to cooperate on Sustainable Finance<\/span><\/a><\/p>\n","protected":false},"author":11,"featured_media":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"tags":[2574,1152,2573],"paper-wise":[2089],"subject":[],"acf":[],"_links":{"self":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/26401"}],"collection":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs"}],"about":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/types\/current-affairs"}],"author":[{"embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/comments?post=26401"}],"version-history":[{"count":0,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/26401\/revisions"}],"wp:attachment":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/media?parent=26401"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/tags?post=26401"},{"taxonomy":"paper-wise","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/paper-wise?post=26401"},{"taxonomy":"subject","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/subject?post=26401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}