The Green Hydrogen Organization collaborated with the G20 Secretariat and the Ministry of New and Renewable Energy to organize the Climate and Energy Transition Finance Summit (CETFiS) preceding COP28. Emphasizing the Global South, CETFiS championed blended finance models and diverse financial instruments as crucial funding avenues. Deliberations primarily revolved around guarantee instruments and mechanisms aimed at mitigating risks associated with climate investments.
New Delhi, November 29: The conclusion of the two-day Climate and Energy Transition Finance Summit (CETFiS) on Wednesday, November 29, marked a pivotal moment in the global commitment to combat climate change. Jointly organized by the Ministry of New and Renewable Energy, the G20 India secretariat, and the Green Hydrogen Organization, this event brought together influential leaders and industry experts to carve out a transformative path in climate finance.
With a participation of 200 stakeholders, the summit became a platform for contributing to the Delhi Message on Climate Finance. Timed on the eve of the UN Climate Conference COP28, which Prime Minister Narendra Modi is scheduled to attend in Dubai, the Delhi Message is a collaborative effort by the Green Hydrogen Organisation and its Indian partners. It outlines a comprehensive five-point plan for financing the green hydrogen economy.
Recognizing the need for unprecedented capital to fuel the transition away from fossil fuels, the summit also highlighted tremendous opportunities to leverage capital markets with the right financial solutions. Amitabh Kant, G20 sherpa, emphasized the summit’s significance at a crucial juncture in the global fight against climate change.
The Green Hydrogen Organisation, a prominent global non-profit advocating for green hydrogen adoption, took the occasion to announce ProClime, an upcoming climate action company, as their carbon partner in India.
Jonas Moberg, CEO of Green Hydrogen Organization, commented on the urgency of transitioning to green energy sources. He expressed admiration for the ambitious plans of numerous Indian companies to become leading international producers of green hydrogen, green ammonia, and other green fuels. The partnership with ProClime signifies a vision to integrate Carbon Markets into the GH2 space in India, requiring substantial investments and innovative financial mechanisms.
Kavin Kumar Kandaswamy, CEO of ProClime, stressed the joint effort to enhance the viability of carbon funding initiatives and pursue the registration of the GH2 standard as a Voluntary Standard. He highlighted the transformative shift India can lead in slashing global emissions through hydrogen adoption.
Tarun Kapoor, Special Advisor to Prime Minister Narendra Modi, emphasized the need for industry collaboration and a unified voice to propel the green fuels economy in India. Sanmit Ahuja, Senior Advisor at Green Hydrogen Organisation and chair of the Delhi Forum, spoke about the growing understanding of how well-functioning capital markets can attract financial resources crucial for building solar and wind parks and producing green fuels for the future.
The Delhi Message on Climate Finance, issued by the Green Hydrogen Organisation & ProClime in collaboration with their partners in India, introduces a five-point plan for financing the green hydrogen economy. It outlines key areas for action, urging governments to establish market-making facilities, create risk registers, provide long-term financing, scale up guarantee structures, and deepen bond markets.
The summit concluded with a call to translate these plans into action, fostering collaboration, innovation, and investment for a sustainable future.
