India’s Commitment to Climate Change and the Innovations in Green Financing

Abstract

196 UNFCCC member countries have signed The Paris Climate accord which is an agreement within the United Nations Framework Convention on Climate Change (UNFCCC) dealing with greenhouse gas emissions mitigation, adaptation, and finance starting in the year 2020. India being the fourth largest emitter of greenhouse gas emissions has ratified its NDC in 2016, which represents targets and actions post 2020.India requires a huge amount of funds to realize this ambitious target. It is estimated that India needs $2.5 trillion by 2030 to meet its climate goals. How does India mobilize these funds? This paper discusses the issue of climate change in the backdrop of the Paris Agreement of 2015, India’s first NDC, its efforts and initiatives in climate funds and the need for innovative green financing instruments.