CLIMATE FINANCE LEADERSHIP INITIATIVE
Green bonds - Municipal bodies think change, climate change
Brihanmumbai's ₹10,224 crore FY25 climate budget signifies Indian municipal bodies' shift to sustainability. With Solapur, Vadodara, Bhopal, Indore, and Pimpri-Chinchwad leading green initiatives, CEO Masood Mallick highlights Swachh Bharat Mission, regulatory evolution, and public-private partnerships. NGT's environmental compensation emphasizes compliance, increasing the need for green financing.
Greaves Finance appoints P. B. Sunil Kumar as CEO to accelerate EV financing
Greaves Finance, a Greaves Cotton subsidiary, appointed PB Sunil Kumar as Executive Director and CEO effective July 3, 2024. He will advance financing for electric two-wheelers via the evfin platform. With 25 years' experience, including positions at Taiki Consulting, Tata Finance Ltd, ICICI Bank, and GE Capital Services India, Kumar is also a chartered accountant.
Integrating climate finance into India's economic blueprint
Pradeep S. Mehta, Secretary-General of CUTS International, suggested that India's 2024-25 Budget should include dedicated climate finance institutions through public-private partnerships during a webinar on accelerating private investment in climate finance. Mehta stressed the importance of private sector involvement for a sustainable and resilient future, highlighting the need for collaboration, innovation, and commitment.
Roadmap to EV 30@30: How can India achieve this ambitious target
India's climate change strategy includes the EV30@30 initiative, aiming for 30% of new vehicle sales to be electric by 2030. This transition enhances air quality, reduces oil dependence, and fosters economic growth. While challenges like limited commercial EV options and charging infrastructure persist, government incentives and rising private investments are accelerating EV adoption.
BFSI captives hunt for leadership talent
Executive search firms ET spoke to said candidates from product organisations are tapped for technology hiring, and for non-technical roles, domain and functional expertise remain paramount. Compensation ranges at around Rs 1 crore for those with 18-25 years of experience. For CFO roles, packages could be in the range between Rs 2-4 crores.
New survey reveals nearly 74% Indians support taxing the super-rich; Here's why
As the G20 finance ministers' meeting approaches, a new survey shows overwhelming public support for a wealth tax on the super-rich. Conducted by the Earth4All initiative and Global Commons Alliance, the survey reveals that 74 per cent of Indians support wealth taxation to address global issues like hunger, inequality, and climate change. The meeting will discuss implementing a global minimum tax on the ultra-rich, potentially reshaping global economic policies.
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CEO succession planning is important. But how you go about it makes all the difference
Succession planning, including CEO succession plans and leadership pipelines, is crucial for company stability and success. Companies with robust succession plans outperform peers by 20% in revenue growth. Neglecting leadership pipelines can cost companies nearly $1 trillion annually, emphasizing the importance of effective planning.
Decarbonization by 2045 agreed: Youth-led climate lawsuit settled in Hawaii
Hawaii settles with 13 young plaintiffs in Navahine v. Hawaii Department of Transportation lawsuit to decarbonize transportation by 2045, approved by Judge Tonaki.
Silver's the new gold as startups rejig CXO portfolio
Many startups, particularly those gearing up for public listing, now consider youth and experience a winning combination. Having experienced leaders instills confidence in investors and markets, who view it as an indicator of stability and potential for success, said company founders and industry watchers.
"G7 political tool to perpetuate US, Western supremacy": China
China has criticized the G7 Leaders' Communique, accusing the group of using China-related issues to attack and vilify the nation. The Chinese Foreign Ministry Spokesperson denounced the G7's statements as baseless and biased, reflecting a continued effort to maintain US and Western dominance. China also criticized the G7's composition, relevance, and stance on global peace and security. The G7 Summit leaders reaffirmed their commitment to a free and open Indo-Pacific governed by international law. Prime Minister Narendra Modi addressed the G7 Outreach Session on AI and Energy, Africa, and the Mediterranean, highlighting the transformative role of technology.
Indian room air-conditioner market to reach Rs 50,000 cr by FY29: Voltas
Voltas projects India's room air-conditioner (RAC) market to grow at a robust 12% CAGR, reaching Rs 50,000 crore by FY 2028-29. Intense competition from domestic and global players is expected to escalate, driven by rising summer temperatures, disposable incomes, and consumer finance accessibility. Voltas aims to bolster market leadership through expanded outlets.
Bonn climate talks: Countries leave much to do at COP29
Countries made little progress in finding common ground on the crucial issue of climate finance at the mid-year UN climate talks in Bonn, Germany, even as floods, extreme rains, and brutal heatwaves upended lives and livelihoods in several nations.
Steward leadership may be the formula for organisations to have holistic ESG practices
Sustainability and ESG practices are crucial in corporate boardrooms, with a warning against greenwashing. Rajeev Peshawaria defines ESG greenwashing as deceptive efforts to appear responsible without substantial changes. Companies must avoid token ESG efforts and focus on genuine sustainability initiatives.
Uzbekistan's ambitious green economy drive: New Bonds, air quality initiatives, & corporate collaborations
In October 2023, Uzbekistan issued its first international sovereign bonds for green financing, raising UZS 4.25 trillion (about USD 336 million). Additionally, the government is launching a nationwide initiative to measure and monitor air quality, driven by President Shavkat Mirziyoyev. This includes installing automatic air monitoring stations, supported by local businesses like Uzum, which is installing monitors at its locations in 30 cities. These efforts aim to provide real-time air quality data to address pollution effectively.
Vellayan Subbiah, chairman of Cholamandalam Investment & Finance Co, wins EY World Entrepreneur of the Year award
Vellayan Subbiah, executive vice-chairman of Tube Investments of India and chairman of Cholamandalam Investment & Finance Co, has won the EY World Entrepreneur of The Year 2024 title. Subbiah was chosen from nearly 5,000 businesspeople worldwide. India's fourth win in 24 years solidifies its status as the only country across EY regions to achieve this feat. Subbiah's leadership in his family's business and his transformation of TII, a 70-year-old manufacturing company, demonstrate his humble and personable approach to leadership.
Major world economies seek to halt new private sector coal financing
OECD plan instructs financial institutions to stop funding coal projects. Calls for financing early closure of coal plants and supporting clean energy. Policy aims to set a standard for dealing with coal infrastructure.
Pakistan PM Shehbaz Sharif in Beijing for talks with President Xi to seek more investments, elevate ties
Visiting Pakistan Prime Minister Shehbaz Sharif has reached Beijing for talks with Chinese President Xi Jinping and other leaders to elevate all-weather bilateral ties and prospects of more aid and investments to bail out his cash-strapped country from the current economic crisis. Sharif, on a five-day official visit to China since June 4, toured the southern high-tech city of Shenzhen on Wednesday and addressed the investors meeting.
Climate tech startup Cloover raises $114 million in seed funding
German startup Cloover secured $114 million funding led by Lowercarbon Capital to empower smaller installers in offering comprehensive renewable energy solutions. The funding will support expansion into new markets and technology enhancements.
Private philanthropy to expand at 10–15% annually in next five years: Neera Nundy, Partner, Dasra
Private philanthropy is expected to see a significant expansion with family philanthropy seeing a shift towards building a strong ecosystem.
Tata Digital’s new team; Pine Labs’ India redux
Tata Digital chief executive Naveen Tahilyani has restructured the leadership team for the Neu super app. This scoop and more in today’s ETtech Top 5.
'Global interest in India encouraging for local industry': Sanjiv Puri
Sanjiv Puri, chairman of ITC, highlighted the global interest in the Indian economy at the CII Annual Business Summit 2024, emphasizing India's success in the digital economy and renewable space sector, showcasing public-private partnerships for global success.
How to make every rupee count
The international aid squeeze has led to a reduction in official development assistance (ODA) to food systems, creating a financing gap of $350 billion per year. Multilateral development banks (MDBs) and international financial institutions (IFIs) play a crucial role in this context but need to improve impact assessment and reporting. The World Bank has shown leadership with its scorecard, but more needs to be done to quantify the cost of inaction.
ADB open to funding space sector in India: VP Bhargav Dasgupta
The Asian Development Bank is open to funding the space sector in India in addition to focusing on climate finance to mitigate the associated risks, said its Vice President Bhargav Dasgupta on Friday. ADB has done some projects in satellite in the Asia Pacific region, but has not provided any assistance in the Indian space sector.
PSBs plan to set up 'green cells' for climate funding
State-run banks to introduce 'green cells' for ESG risk assessment and green fund management under EASE 7.0. RBI emphasizes 2.5% GDP green financing. SBI chairman pushes for incentives and CRR relaxation in regulatory policies.
Sluggish progress on climate finance at World Bank, IMF meetings
Annual World Bank and IMF meetings lacked a clear climate finance plan. Focus on NCQG at COP29. Calls for increased finance for vulnerable nations. Bank seeks additional financing through IDA. IMF chief highlights debt challenges.
UN climate chief presses for faster action, says humans have 2 years left 'to save the world'
Humanity has only two years left "to save the world" by making dramatic changes in the way it spews heat-trapping emissions and it has even less time to act to get the finances behind such a massive shift, the head of the United Nations climate agency said on Wednesday. With governments of the world facing a 2025 deadline for new and stronger plans to curb carbon pollution, nearly half of the world's populations voting in elections this year, and crucial global finance meetings later this month in Washington, United Nations.
Climate policy initiative India launches report on 'financing adaptation in India'
CPI India's CSF report highlights the need for increased investments to mitigate climate change effects. A multi-faceted approach, policy prioritization, mainstreaming of adaptation investments, and mobilizing finance are crucial. Dr. Dhruba Purkayastha leads the clean energy mission at CPI India.
Public-private partnerships are the way to go for real climate action beyond good intentions
India has already demonstrated a high level of ambition and accomplishment on climate change. Progress is being made towards the goal Prime Minister Narendra Modi announced two years ago: reaching 50% clean energy by 2030.
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