New Delhi [India], February 27 (ANI/PNN): The need for sustainable finance for green growth as a critical focus area was stressed at the recently concluded World Sustainable Development Summit, held in New Delhi last week. Several leaders who spoke at the summit emphasized the need for sustainable finance and the absence of new instruments to facilitate long-term lending to fuel green growth, especially in the emerging economies and least-developed countries. Dr Vibha Dhawan, Director General, The Energy and Resources Institute (TERI), said that though renewable energy has received a reasonable level of financing, areas such climate adaptation, sustainable consumption and production and biodiversity and ecosystem integrity and pollution abatement have not received the level financing required. Manish Bapna, President Natural Resources Defense Council, India, pointed out that the current financial architecture is not geared up to handle the challenges posed by climate change. "We know that finance is at the heart of tackling climate change. The fundamental question here is can we transform the global financial system to handle today's challenges and to do so in ways that promote low carbon, resilient growth." Laszlo Broberly, state counsellor to the prime minster of Romania, added, "We need three things: a vision of what we want to do, an inter-institutional framework to do what we want to do and leadership." Dr Pradeep Tharakan, Regional Advisor - South Asia, Asian Development Bank (ADB), said that ADB is currently working on developing innovative financing models to enable the transition to clean energy through financing for retiring coal fired power plants and repurposing them to provide renewable energy and grid services as well as giving loans to countries for developing climate change policies. Helen Clarkson, CEO, The Climate Group, identified finance as the key barrier faced by state and regional governments and said, "Facilitating climate finance and diversifying fiscal base for green growth should absolutely be a top priority. Capacity building should be top of the agenda to deliver the transformational change needed." She added that both the national and sub-national finance ministries need to increase their capacity with instruments such as green budgeting, and carbon tax and pricing. Drawing attention to the need for financial models to enable green transitions, Ms Kathleen McGinty, vice president and chief sustainability government and regulatory affairs officer, Johnson Control, said "We have never been better situated to figure out how we mobilise the financial resources but the question is what are the best models, what are the best ideas for this." Suggesting measures that could be part of the Green Development Pact, Jagjeet Singh Sareen, principal, Dalberg Advisors observed that the pact should bring G20 members together on a climate competitiveness framework or principles. "Our recommendations on climate finance would be to expand the scope of climate finance and make climate smart transition of the financial sector overall. Also, let's build infrastructure which enhances our resilience rather than enhancing the resilience of the infrastructure we have already built," said Sareen. This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)

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India , Romania , New Delhi , Delhi , Manish Bapna , Vibha Dhawan , Jagjeet Singh Sareen , Pradeep Tharakan , Kathleen Mcginty , Helen Clarkson , Laszlo Broberly , World Sustainable Development Summit , Resources Institute , Natural Resources Defense Council , Green Development Pact , Climate Group , Asian Development Bank , Director General , President Natural Resources Defense Council , Regional Advisor , Johnson Control , Dalberg Advisors , New Delhi India , Ebruary 27 Ani Pnn The Need For Sustainable Finance Green Growth Asa Critical Focus Area Was Stressed At Recently Concluded World Development Summit , Eld In New Delhi Last Week Several Leaders Who Spoke At The Summit Emphasized Need For Sustainable Finance And Absence Of Instruments To Facilitate Long Term Lending Fuel Green Growth , Specially In The Emerging Economies And Least Developed Countries Dr Vibha Dhawan , He Energy And Resources Institute Teri , Aid That Though Renewable Energy Has Receiveda Reasonable Level Of Financing , Reas Such Climate Adaptation , Ustainable Consumption And Production Biodiversity Ecosystem Integrity Pollution Abatement Have Not Received The Level Financing Required Manish Bapna , Ointed Out That The Current Financial Architecture Is Not Geared Up To Handle Challenges Posed By Climate Change Quot We Know Finance At Heart Of Tackling Fundamental Question Here Can Transform Global System Today 39s And Do So In Ways Promote Low Carbon , Esilient Growth Quot Laszlo Broberly , Tate Counsellor To The Prime Minster Of Romania , Dded , Uot We Need Three Thingsa Vision Of What Want To Do , N Inter Institutional Framework To Do What We Want And Leadership Quot Dr Pradeep Tharakan , Regional Advisor South Asia , Asian Development Bank Adb , Aid That Adb Is Currently Working On Developing Innovative Financing Models To Enable The Transition Clean Energy Through For Retiring Coal Fired Power Plants And Repurposing Them Provide Renewable Grid Services As Well Giving Loans Countries Climate Change Policies Helen Clarkson , Eo , The Climate Group , Dentified Finance As The Key Barrier Faced By State And Regional Governments Said , Uot Facilitating Climate Finance And Diversifying Fiscal Base For Green Growth Should Absolutely Bea Top Priority Capacity Building Be Of The Agenda To Deliver Transformational Change Needed Quot She Added That Both National Sub Ministries Need Increase Their With Instruments Such As Budgeting , Nd Carbon Tax And Pricing Drawing Attention To The Need For Financial Models Enable Green Transitions , S Kathleen Mcginty , Ice President And Chief Sustainability Government Regulatory Affairs Officer , Aid Quot We Have Never Been Better Situated To Figure Out How Mobilise The Financial Resources But Question Is What Are Best Models , Hat Are The Best Ideas For This Quot Suggesting Measures That Could Be Part Of Green Development Pact , Principal , Alberg Advisors Observed That The Pact Should Bring G20 Members Together Ona Climate Competitiveness Framework Or Principles Quot Our Recommendations On Finance Would Be To Expand Scope Of And Make Smart Transition Financial Sector Overall Also , Et 39s Build Infrastructure Which Enhances Our Resilience Rather Than Enhancing The Of We Have Already Built , Uot Said Sareen This Story Is Provided By Pnn Ani Will Not Be Responsible In Any Way For The Content Of Article ,