Finance
Financing Adaptation in India – CPI
India urgently requires substantial investment in climate adaptation efforts to sustain progress on development. Recognizing the criticality of the impact of climate change for development and growth, India has anchored its adaptation approach within the country’s wider development goals. While the government has endeavored to finance adaptation initiatives, adaptation investment needs at the national level are large and will increase in the future.
This study examines India’s approach to adaptation, related investment needs, and funding gaps, as well as avenues for bridging these gaps through public and private finance. Our report also delves into the existing challenges in financing adaptation efforts in India at the subnational level, and the potential ways in which adaptation finance can be scaled. Based on the report’s findings, we share recommendations to accelerate action.
Key Insights
- India is yet to establish a common framework for climate risk and a systematic methodology for evaluating the extent to which development programs address climate risk and vulnerability.
- Despite some of these systemic issues, the growing drive for action on climate adaptation has resulted in relevant plans, policies, institutions, and schemes at the national and state levels. However, the progress and focus of policies and schemes related to climate adaptation vary at the state level.
- States hold the primary responsibility for adaptation-related interventions, given the local nature of adaptation. States, which have updated their State Action Plans on Climate Change in the last few years, have substantial adaptation investment needs. CPI analysis identifies that collective annual investment needs of six states alone amount to INR 444.7 billion (USD 5.5 billion) from 2021 to 2030.
- However, it is a challenge for many states to finance their adaptation investment needs. Over the last few years, state finances have been stressed by factors including the economic slowdown in 2019-20 and the COVID-19 pandemic, constraining their ability to invest in climate adaptation. States also face borrowing constraints under new fiscal rules and pressure to reduce existing debt burdens, which further restrict their ability to bridge the adaptation funding gap.
Recommendations
CPI recommends strategic interventions to bolster state fiscal capacity and mobilize private finance for climate adaptation-related efforts, as crucial steps to bridge the funding gap. More specifically, we propose:
- Including adaptation-related interventions in the upcoming deliberations of India’s Finance Commission to inform the allocation of funds to state governments.
- Putting in place mechanisms such as time-bound, climate-incentivized borrowing ceilings tailored to state-specific vulnerabilities, to facilitate increased access to finance for climate-vulnerable states.
- Developing robust green finance data infrastructure to inform investment decisions and enhance transparency.
- Promoting financial mechanisms such as public-private partnerships and blended financing to catalyze private-sector investment.
Today’s installment of campaign-related news items from across the country.
* When it comes to campaign finance laws, both parties’ campaign committees have faced restrictions on how much money they could spend in coordination with candidates’ campaigns. Those limits are now effectively gone.
As MS NOW’s Jordan Rubin explained, “The Supreme Court’s GOP-appointed majority ruled for Republicans in their campaign finance challenge to restrictions on political parties spending on ads with input from the party’s candidate.”
A Punchbowl News report added that the ruling, written by Justice Brett Kavanaugh, “handed Republicans a massive win” and is likely to “usher in the biggest change to campaign finance law since the Citizens United decision.”
The same report went on to note that Tuesday’s high court ruling “allows for unrestricted coordination between candidates and party committees. That means committees, like the NRSC or the DCCC, can run unlimited TV ads with allied candidates. More importantly, they can also buy those ads at the much cheaper rate offered to candidates. … Tuesday’s SCOTUS ruling will also eradicate the need for independent expenditure arms at party committees.”
Republicans already enjoyed a significant financial advantage over Democrats. The Republican-appointed justices just made it easier for the GOP to capitalize on that advantage.
* In Colorado’s closely watched Democratic primaries, incumbent Sen. John Hickenlooper fended off a challenge from the left, but some of his colleagues weren’t as fortune: Democratic socialist Melat Kiros ended long-serving Rep. Diana DeGette’s career in Denver’s congressional district, while state Attorney General Phil Weiser scored a major upset by defeating incumbent Sen. Michael Bennet in a gubernatorial primary.
* In the race for North Carolina’s open Senate seat, former Democratic Gov. Roy Cooper leads former Republican National Committee Chairman Michael Whatley in the latest New York Times/Siena poll, 50% to 43%, pointing to a possible pickup opportunity for Democrats.
Google Cloud and FactSet, a provider of data and artificial intelligence solutions to the financial markets, plan to jointly develop AI agents designed to assist with portfolio operations, deal advisory and corporate finance.
Tuesday’s Supreme Court ruling changing certain federal campaign finance limits could make a big difference in the battle for control of Congress this fall, giving Republican candidates who have been getting outraised by opponents direct access to more party cash.
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