Who we are
The GIFS Initiative was created in 2021.
It is an Indo-European community for the entire Indian financial ecosystem to work towards the achievement of India’s Non Determined Contributions target and Net Zero 2070.
By promoting knowledge, experience and training exchanges between Indian and European practitioners, the GIFS Initiative’s mission is to support the greening of the Indian financial system and accelerate the development of sustainable finance within the Indian economy, ultimately participating to the low-carbon and resilient transition of the country.
The GIFS Initiative especially focuses on
Bridging the Indian climate financing gap
including through the development of adapted climate strategies for the financial sector
Assisting sector players
in developing and implementing responsible financial practices and strengthening their resilience to climate and energy transition
Greening the entire value chain
from financial institutions and investors to final beneficiaries, including MSMEs
Encouraging technical and political dialogue
between the various actors in the country – in a context where India has taken over the presidency of the G20 and will benefit from increased power of influence
Greening the financial system?
Following COP 26, India has set ambitious targets with enhanced 2030 NDCs, energy independence by 2047 along with commitment towards net zero by 2070. Achieving such targets require approximately INR 162,5 lakh crores (USD 2,5 trillion) till 20301. Currently, only 13% of these green and climate investments are fulfilled. The urgency of these commitments is all the more stringent than India is highly vulnerable to climate change.
Climate change and upcoming transition also have direct implications on the economy and financial system, including banks, in terms of risks and opportunities – in this regard, it becomes imperative for stakeholders, from policy-makers to practitioners, to understand and manage them.
Scaling capital flows towards transition activities and green projects would\ultimately require climate considerations to be embedded within the Indian financial system. Increased transparency, accountability, and verifiability of ‘green investments’ are typically leverages for scaling up investments and systemizing them in the long-term.
The Green Indian Financial System Initiative (GIFS Initiative) has been co-created by
Agence Française de Développement
Head of division, Energy and Climate Finance - AFD
Climate Finance Expert - AFD
Climate Finance Sector Portofolio Manager - AFD
Shakti Sustainable Energy Foundation
Director, Climate Policy - Shakti Sustainable Energy Foundation
Programme Manager, Clean Energy Finance Programme - Shakti Sustainable Energy Foundation
Small Industries Development Bank of India
Chief General Manager & Vertical Head
General Manager
Assistant General Manager
Indian Bank’s Association (IBA)
IndusInd Bank
State Bank of India (SBI)
In addition 450 participants from the Indian and European financial ecosystem participated to the different GIFS Initiative events in 2022 ; representing more than 50 key institutions in the climate finance landscape.
- Indian Institutions
- European & International Institutions
The GIFS Initiative is open to all actors of the climate finance landscape in India and Europe.
We believe that this bottom-up approach, focusing on practionniers and providing them tools to transform their way of working, investing or lending, is key to ensure the low-carbon transition at a country level.