The International Financial Services Centers Authority (IFSCA) has set up a standing committee that will come up with a framework for launching climate finance products.

Banking & Finance

The International Financial Services Centers Authority (IFSCA) has set up a standing committee that will come up with a framework for launching climate finance products. The committee is expected to submit its report to the government by the end of May 2024. The project would become a hub for climate finance. Banks in GIFT City have already started extending “green and sustainable credit. The 5 percent of the credit given by banks shall be green or sustainable. Secondly, many of them have started lending too. So far about $700 million has been extended as green and sustainable credit out of the $60 billion dollars of outstanding loans. Similarly, out of the $55.5 billion worth of bonds raised from GIFT City, $14 billion is green, social or sustainable or sustainable-linked bonds. Apart from banks and the bond market, more climate funds are scheduled to be launched in GIFT City.


     

     

     

 

     


International Financial Services Centers Authority (IFSCA)

Established- 2020
HQ- Gujarat; Chairman- K Rajaraman
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