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 Nationally Determined Contributions target and Net Zero 2070.

Our Vision & Mission

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 updated 2030 NDCs, commitment towards net zero by 2070 along with a vision for energy independence by 2047. Achieving such targets require approximately INR 162,5 lakh crores (USD 2,5 trillion) till 2030. 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.

Who we are?

The Green Indian Financial System Initiative (GIFS Initiative) has been co-created by

Small Industries Development Bank of India (SIDBI)

Shakti Sustainable Energy Foundation

Agence Française de Développement (AFD)

Meet the GIFS Initiative team

Agence Française de Développement

Ms. Alisée Pornet

Head of division, Energy and Climate Finance - AFD

Ms. Isaure de Belleville

Climate Finance Expert - AFD

Mr. Grégoire Baur

Climate Finance Sector Portofolio Manager - AFD

Shakti Sustainable Energy Foundation

Mr. Shubhashis Dey

Director, Climate Policy - Shakti Sustainable Energy Foundation

Ms. Kruthika Jerome

Programme Manager, Clean Energy Finance Programme - Shakti Sustainable Energy Foundation

Small Industries Development Bank of India

Dr. R.K. Singh

Chief General Manager & Vertical Head

Mr. Rajiv Kumar

General Manager

Mr. Neeraj Verma

Assistant General Manager

Signatories of the Joint Declaration

Indian Bank’s Association (IBA)

IndusInd Bank

State Bank of India (SBI)

Participating institutions

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
Who can join the GIFS Initiative?

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.