CFLI to concentrate action on accelerating private climate finance flows in India, a critical market for climate action and opportunity
UN Special Envoy for Climate Action and Solutions Michael R. Bloomberg announced the nine founding members of CFLI India. CFLI India’s members are leaders in climate and infrastructure finance and bring the same global scale and influence of the Climate Finance Leadership Initiative (CFLI) to concentrate action on accelerating private climate finance flows in India, a critical market for climate action and opportunity.
Launched in September 2021, CFLI India seeks to mobilize investment into India and begin a long-term effort with public, private, and multilateral initiatives to strengthen local enabling environments and facilitate private capital at scale. Together, the CFLI members can help fill the BloombergNEF-estimated $649 billion financing gap across the power sector for India to reach its 450GW renewable energy target.
Led by Bloomberg, CFLI India is co-chaired by Shemara Wikramanayake, Managing Director and Chief Executive Officer of Macquarie Group, and N Chandrasekaran, Chairman of Tata Sons. It is also supported by the UK and Indian Governments, the City of London Corporation and the Global Infrastructure Facility.
"The Tata Group is committed towards climate sustainability and is proud to co-chair CFLI India initiative. This initiative will help accelerate sustainability-linked initiatives such as clean energy growth in support of meeting India's ambitious renewable energy goals. We look forward to driving this initiative forward - alongside Macquarie and other leading global financial institutions and corporates - and advancing the public-private collaboration that is vital to strengthening enabling policy environments for unlocking private capital and moving towards net-zero goals," said N. Chandrasekaran, Chairman, Tata Sons.
CFLI India members are:
· GIC Private Limited
· Goldman Sachs
· HDFC Bank
· HSBC
· Kotak Mahindra Bank Limited
· Larsen & Toubro Ltd
· Macquarie Group
· State Bank of India
· Tata Sons
“By helping to drive more private investment to clean energy sustainable infrastructure projects in India, this effort can set an example for what’s possible in countries around the world. We couldn’t ask for a stronger group of Indian and international partners to lead the initiative and turn opportunities into results,” said Michael R. Bloomberg, UN Special Envoy on Climate Ambition and Solutions, Chair, Climate Finance Leadership Initiative.