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220 Economic Survey 2020-21 Volume 1

Figure 8: Major Emerging Markets for Green Bonds Issuance 2012-19 (US$ Million)

142900
12000
10897
10000
8000
(US$ Million) 6000 5425 4655

3870
4000
2701
2162 2023 1857
2000 1453 1155
60 55 48 41 27 15 4 1
947 886 832 718 637 503 459 357 355 200 150 137 136 108 100 99
0
China* India Brazil Poland Chile Indonesia South Africa Philippines UAE Malyasia Mexico Thailand Peru Czech Rep. Lithuania Argentina Costa Rica Colombia Ukraine Morocco Panama Ecuador Latvia Nigeria Uruguay Turkey Slovenia Lebanon Estonia Fiji Kenya Vietnam Seychelles Namibia Barbados

Source: Emerging Market Green Bonds Report 2019
Note: * The break in the column for China represents much higher number than the scale.
6.29 With the objective of promoting global cooperation in sustainable finance, India joined
the European Commission-led International Platform on Sustainable Finance (IPSF) in October
2019 as one of the founding members. The 16-member jurisdiction platform accounts for 50 per
cent of the world population, almost 50 per cent of global GDP and about 55 per cent of global
GHG emissions. The platform is designed as a member driven informal and inclusive entity. The
Platform acknowledges that the global nature of financial markets has the great potential to help
finance the transition to a green, low-carbon and climate resilient economy by linking financing
needs to global sources of funding. The platform would act as a forum for facilitating exchanges
and, where appropriate, coordinating efforts on initiatives and approaches to environmentally
sustainable finance, in particular in the areas of taxonomies, disclosures, standards and labels,
while acknowledging differences in national and regional contexts.

6.30 India and United Kingdom have agreed during the 10 India-UK Economic and Financial
th
Dialogue held on 28 October 2020 to establish a bilateral Sustainable Finance Forum to drive
th
forward deeper cooperation between the UK and India on sustainable finance. The Forum would
draw members from finance ministries/treasury and other important stakeholders from both
sides.

Investing in Resilience for Sustainable Development
6.31 As per the Global Climate Risk Index, in 2018, India lost US$ 37 billion due to climate
events such as cyclones battering the east coast and flooding and landslides in Kerala where
about a quarter million people were displaced, 20,000 houses and 80 dams were destroyed.
During 1998-2017 these losses added up to US$ 79.5 billion (Eckstein, et al. 2019). On the
other side, in 2019, 42 per cent of land faced drought conditions worsening the farm crisis
(Kapil 2019). Chennai’s record-breaking 272 mm rainfall in 12 hours (2015) affected over 10
thousand MSMEs and reportedly caused US$ 250 million in damage (Idicheria, et al. 2016).
International Labour Organisation’s study concludes that India would lose 5.8 per cent of its
working hours by 2030 due to heat stress. Moreover, because of its large population, India is in