Mudit Narain

The OECD 2024 report `Climate Finance Provided and Mobilised by Developed Countries in 2013-2022’ has created both, jubilation as well as frustration, among different segments of the climate community. So, going beyond the headline “Developed countries exceeded the USD 100 billion annual goal for the first time in 2022” three years before the 2025 deadline; let us delve in to the key messages from this report: (1) In 2022 developed countries’ public climate finance provided bilaterally and through multilateral channels mainly took the form of loans (69% or USD 63.6 billion) and, to a lesser extent, grants (28% or USD 25.6 billion); (2) Over the period 2016-2022, close to 90% of financing provided by MDBs took the form of loans; (3) The mix was comparatively more balanced for multilateral climate funds with 39% loans and 54% grants; (4) Financing provided by the bilaterals was 57% loans and 39% grants; (5) The relative shares of mitigation and adaptation in the aforementioned climate finance mobilization were 60% and 28% respectively in 2022; (6) Over 2016-2022, while 38% of public finance for the adaptation was provided through grants, only 15% was grant-funded for mitigation; and (7) Between 2016 and 2022, the energy and transport sectors accounted for 62% of the total mitigation finance provided and mobilized.. It may be safe to conclude, therefore, that the bulk of public climate finance, through multilateral and bilateral channels (such as the World Bank and ADB etc.) has come in the form of loans with grants forming a miniscule share. The multilateral climate funds e.g. GCF, GEF, Adaptation Fund, and IFAD etc.) fared better in terms of grant-based financing. How does it square off with the first Global Stock Take at COP28, Dubai, which noted that “new and additional grant-based, highly concessional finance, and non-debt instruments remains critical to supporting developing countries, particularly as they transition in a just and equitable manner…”?   The vast difference in quantum of financing between mitigation and adaptation is indicative of preference being accorded to `commercially viable’ mitigation projects (e.g., energy and transport sectors) as opposed to adaptation and climate resilience where benefits are largely intangible, that too accruing over long gestation periods. Moreover, with loans outstripping grants by a wide margin and the additionality of `pure' climate finance being in a doubtful zone, it speaks volumes about the quality of said climate finance.    #climatefinance #climateaction #mitigation #adaptation #climateresilience #justtransition #developingeconomies  

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🌍 Hyderabad (17/10/2024) - Join Us for a Workshop on Compliance mechanism under the Indian Carbon Market! 🌍 For Industries and Accredited Carbon Verification Agencies. India is making strides towards global climate goals with its Nationally Determined Contributions (NDC). To support these efforts, the government has introduced the Indian Carbon Market (ICM) framework, aimed at decarbonizing the economy through carbon credit trading. The Carbon Credit Trading Scheme, formalized in 2023, sets specific GHG Emission Intensity (GEI) targets for registered entities, allowing those who exceed these targets to earn Carbon Credit Certificates. To help stakeholders navigate the compliance mechanism, the Bureau of Energy Efficiency is organizing a series of capacity-building workshops across India. The first workshop will be held in Hyderabad on October 17, 2024, at the Courtyard by MarriottHyderabad. Participants are encouraged to register through the provided link https://lnkd.in/gGrYqQRz.    For any queriers, contact us at [email protected]   #ClimateAction #CarbonMarket #Sustainability #IndiaClimateGoals #Workshop   We look forward to your participation! 🌱

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My India seminar series under the auspices of the India Smart Grid Forum (ISGF) continues with a focus on grid storage. Full transcript and slides & video: https://lnkd.in/g8-UwPVD Three things emerged. Recently I published a reaction to a reaction on battery swapping. It can work if the batteries can be hoisted by hand such as in 2- and 3-wheelers, and it can work on same vehicle, same service load, same location, big fleets such as cement trucks where $1.1 million automated swapping stations in depots can be supported. When supporting multiple classes or manufacturers of vehicles, it falls apart. Truck stops aren't going to see swapping, but will see battery buffering. Gogoro was trotted out, as it always as is, but it's a typical SPAC disaster, with a collapsed stock price, losing $70 million a year. Then there's NIO of course, which so far is apparently succeeding where Tesla failed years ago, but I suspect that's short-lived. More significantly, China's fleet operators are buying almost 50% of trucks with swap-capable configurations. Data on how many are swapping is unknown, but my expectation that only the ones that meet the conditions above are. The ISGF studied this years ago and convinced the government to require two- and three-wheelers to be sold without batteries. Now there are a bunch of non-standard swapping firms, with swapping stations in every village. It's imperfect, but the vehicles are much cheaper and firms have filled the void. That's a place where regulation enabled swapping and the spread of vehicles of the size it works for. Still, lots of plug-in vehicles in India as well. Another point of discussion was vehicle-to-grid. I'm bearish on V2G, for a bunch of reasons explained in my articles on the subject and indeed in the transcript of the seminar. The ISGF is debating this, with some senior members pro, and others saying that school bus fleets that have spiky, non-peak service days are one of the few suitable use cases. The ISGF is running an experiment on this, and as I always agree, I could be wrong. Finally, there's the question of pumped hydro. The ISGF a few years ago did a grid storage requirement study and said, at least then, that India should lean heavily on batteries for grid storage due to the constraints on pumped hydro. It's built a lot of battery storage on its grid, as has every other country now. But early grid storage requirements are for fast response and power, and end stage requirements don't require more fast response storage or significant power, but do require massive energy. I urged the ISGF to return to the subject to explore 2030 and later requirements as lead times on pumped hydro are long. As always, my humble thanks to Reji Kumar Pillai and Rish Ghatikar for inviting me to assist the great country of India in a small way. #india #climateaction #gridstorage #electricity

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If you are interested in knowing more about Environmental Defense Fund's strategy and plans in India, do read this article I wrote in Saur Energy International Magazine. EDF shares India's vision of an Indian pathway to shared, sustainable prosperity and inspiring ambition to become the first major economy to industrialise without carbonising. EDF's mission is to act as a catalyst providing distinctive support in strategic niches to government, business and non-profit. Our priorities are 4 fold 🌾 Sustainable livelihoods (which starts with raising farmer incomes and securing / increasing yields) in agriculture, livestock, fisheries, and forests. 💹 Foster market forces like carbon pricing (such as carbon markets) to incentivise climate action 🏢 Demonstrate India Inc. leadership in reaping the shareholder value creation opportunity through responsible business 🔬 Increase R&D spending in India to build the climate tech solutions that will help decouple growth from emissions We all these by adopting a farmers' first approach in all our rural work, working closely with governments at national and sub-national levels, and partnering with the business sector. At the heart of everything is an acute understanding that India needs to achieve both growth (of the economy, in jobs and incomes) and addressing climate change. Do read more here https://lnkd.in/gqdv8Fpu #SharedSustainableProsperity #IndianPathway #IndustrialiseWithoutCarbonising #Sustainability #SustainableLivelihoods #Agriculture #ClimateSmartAgriculture #Livestock #Dairy #SustainableDairy #Fisheries #SustainablySourced #Forests #MarketForces #CarbonPricing #CarbonMarkets #ShareholderValue #NetZero #GreenTalent #SustainabilityTalent #ClimateTech #StartUpIndia #IndianInnovation #FarmersFirst #GovernmentCapacity #GovernmentEngagement Environmental Defense Fund Environmental Defense Fund in India

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Climate-Focused Non-Profits Make an Impact Hisham Mundol is the Chief Advisor of India, Environmental Defense Fund. He writes about the impact EDF is making for #climateaction Read at https://lnkd.in/gNqDBVQD #climatechange #climateaction

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From Carbon Markets Association of India desk ..... #BreakingNews : #Verra booked net loss during last FY. Verra, a US-based carbon credit registry, reported a net loss of $9.3 million in 2023, marking its largest annual financial loss ever, primarily due to increased investments in its new REDD+ methodology and digital project hub development; despite the loss, Verra still holds $43.4 million in net assets as of the end of the year. In 2022, the company made a $6.1 million positive net income and a revenue of $32.4 million, as compared to a revenue of $29.8 million in 2023. Verra is the World's largest Carbon Credit Project registry having 70%+ market share. Due to quality of Carbon Credit issue , negative news from ICVCM assessment , green washing issue - industry will observe drastic reduction in project registration , verification and issuance of credits & this condition may be more critical during this FY for programs. All Voluntary #CarbonCredit #market #stakeholders business model is at stake , which includes - - Buyer - Seller - Seller End Aggregators - Buyer End Aggregators - Investor - Trader - Broker - Registry software service provider - Program / Registry - News agencies - Event organizers - Startups - NGOs - Carbon Credit rating agencies At one side emitters (nations/companies) are not taking sufficient actions to reduce emissions so as to meet #ParisAgreement goals and at other side doers are at stake to become bankrupt. Industry have high hopes from #COP29 to support #CarbonMarketIndustry.

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I will be attending the Asia Climate Summit 2024 (ACS 2024) in Delhi from October 22-24, organized by IETA and FICCI! This year’s theme, "Carbon Markets Driving Collective Climate Action," couldn't be more relevant as we navigate the complexities of climate challenges. Key points I’m looking forward to discussing: 1. Decarbonization Strategies: Exploring how compliance and voluntary carbon markets can effectively work together to enhance corporate decarbonization efforts. 2. Emerging Markets: Engaging with leaders from India, Indonesia, and Vietnam to discuss the opportunities for collaboration in expanding carbon pricing instruments. 3. Market Integrity: Addressing the scrutiny on independent crediting programs and strategies for fostering liquidity while ensuring high-quality project implementation. 4. Geopolitical Insights: Understanding the evolving landscape of carbon markets in Asia amid geopolitical and technological changes. 5. Impact of EU CBAM: Discussing the implications of the EU Carbon Border Adjustment Mechanism for Asian exporters and domestic carbon pricing growth. I’m eager to connect with industry experts, policymakers, and like-minded professionals who share a commitment to net-zero goals and sustainable investment opportunities. Let’s collaborate for a greener future! #ACS2024 #ClimateAction #NetZero #CarbonMarkets #SustainableInvesting #Collaboration IETA S&P Global World Economic Forum Honeywell #geneva #netzero COP29 Azerbaijan World Hydrogen Leaders UNESCO MGIEP Copenhagen Business School Confederation of Indian Industry FICCI Ministry of New and Renewable Energy (MNRE) Council on Energy, Environment and Water (CEEW) TERI - The Energy and Resources Institute Indian School of Business International Solar Alliance Bill & Melinda Gates Foundation Children's Investment Fund Foundation (CIFF) #delhi #india European Commission European University Institute #university Stanford University Graduate School of Business

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Encouraged by #Budget 2024's #Climate finance taxonomy, a positive step for #Sustainable investment. Collaboration across generations & stakeholders is key. Let's build a #GreenerFuture together! MoEF&CC Read more: https://lnkd.in/gUggZK-i

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🌍 New Developments in Carbon Credit Trading by Hon'ble CERC! The Central Electricity Regulatory Commission (CERC) has released its Draft Regulations for the Purchase and Sale of Carbon Credit Certificates (CCCs) under the 2024 framework, taking a significant step in India's climate action journey. 🔑 Key Highlights: - Built on the 2023 Carbon Credit Trading Scheme, the regulations set a framework for CCC trading exclusively through Power Exchanges. Both regulated and voluntary entities can participate, bringing uniformity and accessibility to the carbon market. - The Grid Controller of India will function as the Registry, while the Bureau of Energy Efficiency (BEE) will monitor and enforce compliance, ensuring transparent, accountable, and effective trading practices. - Two trading segments cater to compliance requirements and offset credits, allowing flexibility for organizations with and without mandated carbon reduction targets. - The price of CCCs will be market-driven within established floor and ceiling prices, with each credit representing one ton of CO₂ equivalent reduction. Provisions are also made for banking unused credits, ensuring efficient resource use. - Hon'ble CERC, with BEE's support, will monitor market operations, respond to price fluctuations, and ensure compliance. Non-compliance will result in penalties to maintain market integrity. Hon'ble CERC invites public comments on these draft regulations by December 15, 2024. This is a critical opportunity for stakeholders to shape India’s carbon market future! Connect Climate Detox to know more about carbon credits as well as need of carbon credits. #CarbonCredits #Sustainability #CERC #CleanEnergy #ClimateAction #CarbonTrading #EnergyTransition

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In the India Climate Finance Report 2024, we map the flow of equity capital across India's climate tech ecosystem, from early acceleration to later-stage growth capital. Leading investors provide a deep dive into how equity is transforming climate innovation at every stage - unlocking growth, addressing critical gaps, and scaling impactful solutions – while also calling out gaps and challenges in the ecosystem. Explore how equity capital powers India's green transition, from seed funding to scaling success here: https://lnkd.in/gn_8DDrd Third Derivative Chetan Krishna Alexander Hogeveen Rutter Satya Sagar Omnivore Shiva Shanker Ankur Capital Neev Fund Suken Shah, CFA Tejasvi Shetty Nakul Zaveri LeapFrog Investments #ClimateFinance #EquityCapital #SustainableInvesting #GreenInnovation

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Storage is the main issue today when it comes to energy transition. As far as pumped storage is concerned, the government has drafted a number of policies but a sense of ownership is missing. Just formulating policies will get us nowhere. The government needs to become a part and parcel of this entire exercise. #storage#energytransition#pumpedstorage https://lnkd.in/gytherNu

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Kudos to India for saying it as it is! 👏 https://lnkd.in/gxBSJRdw It's no secret that the high standard of living and economic prosperity in developed nations are often built on a model of excessive consumption. The environmental toll of such lifestyles is becoming harder to ignore as the impact is witnessed across the globe. But, hopefully, there's still hope! Nations can rethink the model of growth and adopt circular economy models. It is necessary to move toward sustainable practices and implement laws to prevent the misuse of resources. But that's on the government level. As investors, we, too, can contribute. You don't have to have the label of a "climate investor" to do your part - you can ensure that your investments are ESG-compliant, encourage corporate responsibility, support sustainable solutions, and, like India at COP29, raise our voices to call out the practices at the business, society, and individual levels that would be damaging to the long term sustainability of our environment, and by extension the human species. #cop29 #india #unitednations #climate #conference #economy #sustainability #sustainable #policies #responsibility #investments #esg #impact #c4dpartners #wemindthegap

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Excited to be delivering a keynote address at this Webinar on Bio-Mobility - Towards Decarbonizing the Transport Sector, hosted by Indian Federation of Green Energy - IFGE.. Bio-mobility has somehow become synonymous with biofuels in the transportation sector. In actual fact, there are four separate high level approaches to decarbonize the transport sector: (a) Improve the overall energy efficiency of operating assets in the transportation value chain - these assets could be the vehicles themselves or their production processes and supply chains. This is the lowest-hanging fruit! (b) Reduce the materials resource efficiency and the associated product carbon footprint of components in the transportation value chain. Use more recycled materials while ensuring rigorous analysis and reporting of Net Energy Ratios, Life Cycle GHG emissions and water footprint of the recycled constituents. This approach potentially has the best planetary value, to the extent new resource extraction from the earth can be brought down sensibly. (c) Replace fossil-derived fuels and lubricants with bio-based fuels and lubricants - but, again, ensure that life cycle sustainability aspects of bio-based mobility are critically evaluated against the incumbent that each new offering seeks to replace. This is where most of the action appears to be as of now (and it has to be a key component of net-zero energy transition efforts) - but the required rigour and reporting transparency is not yet sufficiently visible. (d) Encourage large transportation-origin GHG emitters to take ownership of all their wastes - not just their emissions - through CCUS activities, market measures such as carbon credit purchases, and extended producer responsibility for all end-of-life consumables and assets. Link these initiatives to develop local and hyperlocal bio-economies. This direction of effort is likely to minimise the in-use and post-use environmental burden of the sector's activities on the planet. More on these four points during my talk tomorrow. If interested, do register at the link below.

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