New Delhi: CK Mishra, Former Secretary, MoEF&CC, has stressed the need for Indian businesses to move forward from climate mitigation to adaptation. “It is time for India to lead the sustainable consumption of resources globally,” he said while addressing the valedictory session at 13th India Climate Policy and Business Conclave 2022 here recently.

Mishra highlighted that a coordinated common global effort and differential country-level model is required on climate change. He also said that about 80 per cent of global sustainable finance flows were in renewable energy which led to other technologies not getting the desired attention.

RP Gupta, former Secretary, MoEF&CC, during a fireside chat with Dr Mukund Rajan, Chair, FICCI Environment Committee and Chairman, ECube Investment Advisors, said that carbon markets are a great opportunity for Indian businesses. Mr Gupta emphasised on the need for a clear definition of climate finance which can be truly different from general finance.

The Union Ministry of Science and Technology, Government of India is developing an adaptation communication document which will be shared with the stakeholders, said Dr Nisha Mendiratta, Head, Climate Change Programme, Ministry of Science and Technology, Government of India during one of the panel discussions.

“Finance is a tool for doing well. Energy Transition needs to be financed by financial institutions. We need cohesive involvement of all stakeholders including the Government”, said Dibirath Sen, MD and Head of Global Banking, North India and India lead for Sustainable Finance, HSBC India. /BI/