MADRID, 13 December 2019: Mr Alok Tewari, Principal Executive Director, Railway Board, GoI, yesterday said that Indian Railways needs investment to the tune of $600 billion by 2030 to fulfill the Nationally Determined Contributions (NDCs) goal of increasing the modalshare in freight from 36% to 45%.

Speaking at a conference on 'Role of Sustainable Finance: Translating Climate Ambition into Investment Opportunities'organized by FICCI on the sidelines of UNFCCC COP 25, Mr Tewari said, "Indian Railways estimates an investment need of $600 billion by 2030 towards the NDCs goal of increasing the modal share (in freight) to 45%."

Mr Upendra Tripathy, Director General, International Solar Alliance, mentioned that tapping into private investment for sustainable finance requires guaranteed contract enforcement and honoring the Power Purchase Agreements (PPAs).

Mr Kolluru Krishan, Chair, FICCI Climate Change Committee, said that there is a need to promote Socially Responsible Investing as it integrates environmental, social and governance (ESG) criteria into investment decisions. He also mentioned that establishing a green taxonomy is crucial.

Mr Virender K Duggal, Principal Climate Change Specialist (Future Carbon Fund), Sustainable Development and Climate Change Department, Asian Development Bank (ADB), highlighted that 75% of ADB's operations will focus on climate finance by 2030. He also pointed out that it is imperative to align the investment portfolio with national priorities and it could be done at the time of project conceptualization as well.

Mr Sean Kidney, CEO, Climate Bonds Initiative, highlighted global success stories and how India can build on those examples in terms of technology, innovation, and finance.

Mr Vijay Garg, Executive Director, Ministry of Railways, GoI, highlighted the Indian Railways' plan to attract more private investment, encouraging project-specific subsidiaries (in form of SPVs) with equity from public sector undertakings (PSUs) and the private sector.