Climate and Sustainability Council by IVCA to Push for a Green Investment Revolution in India

The Indian Venture and Alternate Capital Association (IVCA), India’s industry body for alternative assets, has announced the formation of its new Climate and Sustainability Council for the 2024-26 term. Pratibha Jain, Group General Counsel and Head of Strategy at Everstone Group, and Akhilesh Tilotia, a public policy strategist and author, will co-chair the council.

Established in July 2022 under the leadership of Shri Jayant Sinha, the then Chairperson of the Standing Committee for Finance, the Climate and Sustainability Council includes over 30 decision-makers from PE-VC funds and LPs.

Pratibha Jain expressed her commitment to the council’s mission: “Leading the IVCA Climate and Sustainability Council is both a privilege and a responsibility, particularly when India and the world face unprecedented environmental challenges. By aligning our efforts with India’s ambitious target of achieving net-zero carbon emissions by 2070, we are committed to creating pathways for significant environmental impact. Our collective goal will be to catalyse investments in cutting-edge climate technologies, driving innovation to foster a greener, more sustainable future.”

The Council aims to unite key stakeholders to deliberate, build relationships, and address gaps in climate finance in India. Future projects will involve collaboration with regulatory bodies and think tanks, such as NITI Ayog and the G20, to advocate for effective climate policies. The Council will also publish research, white papers, and reports to provide strategic insights and recommendations.

Akhilesh Tilotia highlighted the council’s objectives: “As the next big global challenge, climate change presents a considerable opportunity for innovations focused on mitigation, adaptation, and resilience. India, with its dedication to sustainability and an enabling regulatory framework, has won widespread praise on the international scene. To further spur positive action, the IVCA Climate and Sustainability Council will collaborate with AIFs, startups, and policymakers to amplify investments in India’s climate tech landscape. Our goal will be to cement India’s reputation as a green pioneer and empower the nation to confront unprecedented environmental challenges.”

In alignment with India’s climate action targets, the IVCA plans to facilitate industry-wide dialogue on various climate-related verticals, including agri-tech, climate tech, climate-resilient infrastructure, circular economy, and climate-responsive governance. The Green Future series will host 5–6 panel discussions annually to address critical climate change issues. The inaugural session of this series featured a keynote address by Shri Jayant Sinha.

Aakriti Bamniyal, Climate and Sustainability Council Lead at IVCA reinforced the council’s mission: “We at IVCA are deeply committed to advancing climate and sustainability efforts in India. Through our Climate and Sustainability Council, we aim to unite key stakeholders, foster industry-wide dialogue, and address critical gaps in climate finance. By collaborating with regulatory bodies and think tanks and publishing insightful research, we will advocate for effective climate policies and support India’s journey towards achieving its climate action targets.”

India’s updated Nationally Determined Contribution (NDC) aims to generate 50% of its electric power from non-fossil fuel sources and reduce GDP emission intensity by 45% from 2005 levels by 2030. Rapid global warming poses a significant challenge, with a 1°C temperature increase potentially reducing global GDP by 12% and the social cost of carbon reaching $1,056 per tonne of CO2 equivalent.

ESG and impact investing have driven the development of next-generation technologies for a low-carbon economy. Between 2018 and Q1 2024, according to Venture Intelligence data, India saw 338 climate and cleantech investments worth $4 billion, including $238 million in Q1 2024 alone. To achieve its 2030 goals, India will require support in technology transfer and low-cost financing.

Members of the IVCA Climate and Sustainability Council include NIIF, Econ Ventures, SBICAP Ventures, British International Investment, Avaana Capital, Neev Fund, CPP Investments, TPG, Blume Ventures, SIDBI, British High Commission, B Capital, DEG India, Global Infrastructure Partners, State Bank of India, Foundation for Advancing Science and Technology – India, Accel India, Everstone Group, Green Frontier Capital, Athera Venture Partners, CDPQ India, Climate Angels Fund, IFC, bp ventures, GEF Capital, Alteria Capital Advisors, McKinsey & Company, Speciale Invest, LeapFrog Investments, AdvantEdge, Sorin Investments, Peak Sustainability Ventures.