 "Sustainable Development")
Offshore financial transaction regulator IFSCA on Tuesday said it has signed an agreement with think tank Climate Policy Initiative for cooperation to increase mobilisation of global sustainable capital flows into India.
Sustainable development is a key priority of G20 working groups. Mobilisation of sustainable finance is critical to achieving transition to green and resilient economies.
IFSCA (International Financial Services Centres Authority) has taken significant steps to accelerate global sustainable capital flows by creating a conducive regulatory environment, based on international best practices, focused especially on the needs of India and developing countries, the regulator said in a statement.
With deep expertise in finance and policy, Climate Policy Initiative (CPI) is an analysis and advisory organisation that works to improve the most important energy and land use practices around the world, it said.
CPI's mission is to help governments, businesses, and financial institutions drive economic growth while addressing climate change. It is against this backdrop that IFSCA and CPI are collaborating through a wide-ranging memorandum of understanding, which includes research in the field of sustainable finance, it added.
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IFSCA was established in April 2020 under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar.
IFSCA is a unified authority for the development and regulation of financial products, financial services, and financial institutions in the International Financial Services Centre (IFSC) in India. GIFT IFSC is the maiden international financial services centre in the country.
Prior to the establishment of IFSCA, domestic financial regulators, namely the Reserve Bank of India, Sebi, Pension Fund Regulatory and Development Authority, and Insurance Regulatory and Development Authority regulated the business in IFSC.
The main objective of IFSCA is to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region and the global economy as a whole.
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