IVCA’s Climate and Sustainability Council 2024-26 to Catalyse a Green Investment Revolution in India

India’s apex industry body for alternative assets, the Indian Venture and Alternate Capital Association (IVCA), today introduced the new Climate and Sustainability Council for the term 2024-26. The council will be co-chaired by Pratibha Jain, Group General Counsel and Head of Strategy, Everstone Group, and Akhilesh Tilotia, public policy strategist and author.

IVCA’s Climate and Sustainability Council 2024-26 to Catalyse a Green Investment Revolution in India

The Climate and Sustainability Council was established in July 2022 under the leadership of Shri Jayant Sinha, then Chairperson of the Standing Committee for Finance constituted by Parliament of India. Presently, the council includes over 30 decision-makers from PE-VC funds and LPs.

Pratibha Jain, Group General Counsel and Head of Strategy, Everstone Group, and Co-Chair, Climate and Sustainability Council, IVCA, said, “Leading the IVCA Climate and Sustainability Council is both a privilege and a responsibility, particularly at a time when India and the world are facing 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 that will foster a greener, more sustainable future.”

IVCA’s Climate and Sustainability Council will aim to bring together key stakeholders to deliberate, build relationships, and address the existing gaps in climate finance in India. For future projects, the Council will seek to collaborate with relevant regulatory bodies and think tanks, such as NITI Ayog and G20 among others, to advocate for effective climate policies. Moreover, specific research, white papers, and reports will be published to disseminate key insights and strategic recommendations.

“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,” said Akhilesh Tilotia, public policy strategist and author & Co-Chair, Climate and Sustainability Council, IVCA.

Aligned with India’s climate action targets, IVCA also intends to facilitate industry-wide dialogue on various climate-related verticals, including agri-tech and climate tech, climate-resilient infrastructure, circular economy, and climate-responsive governance. These events will foster knowledge-sharing and capacity-building within the alternate capital ecosystem. For example, as part of the Green Future series, IVCA will host 5-6 panel discussions every year to address critical and evolving impediments related to climate change. The maiden session of this series was opened by Shri Jayant Sinha, who delivered a keynote address.

“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 Indias journey towards achieving its climate action targets,”Aakriti Bamniyal, Climate and Sustainability Council Lead, IVCA.

According to the updated Nationally Determined Contribution (NDC), India plans to generate 50% of its cumulative electric power capacity from non-fossil fuel-based energy sources and reduce the emission intensity of its GDP by 45% from its 2005 levels by 2030. Rapid global warming, however, may be a significant bottleneck in this journey. Research shows that a 1C increase in temperature reduces global GDP by 12%, with the social cost of carbon potentially reaching as high as $1,056 per tonne of carbon dioxide equivalent (Bilal and Knzig, 2024).

In recent years, ESG (environmental, social, and corporate governance) and impact investing have helped drive the development of next-generation technologies propelling the transition towards a low-carbon economy. According to data from Venture Intelligence, India has seen 338 climate and cleantech investments worth $4 billion between 2018 and Q1 2024, including $238 million in the first quarter of 2024 alone. With 2030 fast approaching, India will require support in terms of technology transfer and low-cost financing to achieve its goals.

Members of IVCA’s Climate and Sustainability Council include thirty-two member funds, these 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, and Peak Sustainability Ventures.

About IVCA – Indian Venture and Alternate Capital Association

The Indian Venture and Alternate Capital Association (IVCA) is a not-for-profit, apex industry body promoting the alternate capital industry and fostering a vibrant investing ecosystem in India. IVCA is committed to supporting the ecosystem by facilitating advocacy discussions with the Government of India, policymakers, and regulators, resulting in the rise of entrepreneurial activity, innovation, and job creation in India and contributing towards the development of India as a leading fund management hub. IVCA represents 46% of overall AIFs in the country, and its members are the most active domestic and global VCs, PEs, funds for infrastructure, real estate, credit funds, limited partners, investment companies, family offices, corporate VCs, and knowledge partners. These funds invest in emerging companies, venture growth, buyout, special situations, distressed assets, and credit and venture debt, among others.