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The Confederation of Indian Industry (CII) has called for a holistic green transition that strengthens finance, boosts recycling systems, and simplifies environmental approvals, saying this shift is essential as India moves closer to its USD 5 trillion economy goal.
Elaborating on the CII Proposals in this area, Chandrajit Banerjee, Director General, CII, underlined that India needs a green transition not as a choice but as a strategic requirement for long-term growth. "As India moves closer to its goal of becoming a USD 5 trillion economy, advancing a green economy is no longer a choice but a strategic necessity. This transition is vital not only for meeting climate goals but also for shaping India's long-term growth, competitiveness, and global standing," said Banerjee. At the centre of the push is the need for strong transition finance, circularity, and improved reporting systems. Banerjee said, "As India strides forward on its path of green transition, it is imperative to have a holistic approach to decarbonisation where transition finance, circularity and a robust ESG reporting ecosystem are prioritised, in addition to the focus on renewables and green mobility." According to him, India needs nearly USD 1 trillion in green investments over the next 10 to 15 years, and close to USD 10 trillion by 2070, to reach its net-zero goal. But current finance flows meet only about one-fourth of this requirement. To address the gap, Banerjee has suggested creating a Green Finance Institution (GFI) that can bring in large-scale, low-cost capital. The body can be set up in GIFT City and supported by global funds without needing direct government spending. It can offer concessional finance, equity support, guarantees, and securitisation to bring down project costs across renewable energy, clean mobility, green buildings and industrial decarbonisation. Banerjee also proposed a "Green Tech Expo Fund" to help Indian clean-tech companies participate in global technology events. The idea is to push India's growing innovations in green technology onto the world stage and build partnerships with global investors and buyers. He further highlighted the strong need for a recycling strategy for critical minerals like lithium, cobalt and nickel, as India depends heavily on imports. Rules for mandatory recycling of batteries and electronics, fast-track clearances, and incentives for domestic recovery of minerals, were also suggested. Banerjee recommended creating Circular Economy Parks for waste like plastics, tyres, e-waste and batteries, with 15 parks in three years and 45 in five years. To make approvals faster and clearer, Banerjee has proposed a unified Environmental and Climate Clearance Authority with a fully digital system and automatic approvals within fixed timelines for projects that meet low-emission and sustainability norms. He also stressed the need for energy-efficient buildings, recommending a National Digitalization of Built Environment Initiative and uniform adoption of building energy codes. As India builds for the future, the shift must go beyond electric vehicles and renewable power to include green finance, easier environmental processes, stronger recycling systems and sustainable buildings. "These are vital for not only building a resilient, innovative, and inclusive economy but also offer significant untapped opportunities for investors looking to capitalise on these transformative trends," Banerjee said. (ANI)
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