A strategic approach towards sustainable development: Scaling climate finance mechanisms for climate change in India

Abstract

Climate change poses a significant threat to the global community, particularly impacting vulnerable populations in developing countries. This paper provides an in-depth examination of climate finance, illustrating its definition, sources, instruments, and implications for developing countries. The paper also highlights key climate finance funds that serve as vital mechanisms for channeling financial resources to projects aimed at reducing emissions, enhancing resilience, and promoting sustainable development in developing countries. The study emphasizes the importance of a strategic approach to secure the necessary funding for India's ambitious transition outlined in its Long-Term Low Emission Development Strategy submitted at COP27. It suggests four pillars of India's climate finance strategy: private sector engagement, international partnerships, diverse financial instruments, and innovation finance. By outlining these pillars, the paper aims to assist Indian policymakers and stakeholders develop a strong and efficient climate finance strategy to achieve their climate objectives while promoting sustainable development.