Disparity Between Available Finance and Municipal Spends Impacting Indian Cities

The disparity between available finance and municipal spends is posing a new risk to the Indian cities.

A new report by The Indian School of Public Policy (ISPP) and Dun & Bradstreet states that the Indian cities are at risk of becoming diseconomies. The report highlights the need for holistic urban planning strategies that prioritize inclusive growth, environmental sustainability, and social equity.

The report titled “The Economic Significance of Urban Areas,” suggests that by 2030, over 40% of India’s population will live in urban areas. It emphasizes the importance of cities in India’s economic development, with an annual influx of 13 million people to urban areas.

The study finds a 90% correlation between registered MSMEs and GDP, highlighting the symbiotic relationship between business dynamism and economic output in urban centres. Cities offer social mobility, with Tier-1 cities creating 28% of jobs and hosting 97% of India’s unicorns.

As India prepares for rapid urbanization, there should be an increased focus on basic infrastructure (including last-mile connectivity, health infrastructure, and availability of electricity and water), confidence to address shocks like pandemics and natural disasters, says Arun Singh, co-author of the report.

Panasonic Life Solutions India Private Limited (PLSIND), a player in the distributed solar energy sector, has announce a new partnership with the State Bank of India (SBI).

The collaboration between Panasonic and SBI will provide finance options to customers and help in smooth adoption. This initiative is designed to break down financial barriers, making the transition to sustainable energy more feasible and appealing.

This strategic alliance aims to support the Indian government’s ambitious goal of achieving 500 GW of renewable energy capacity by 2030 by making solar energy solutions more accessible to individuals and businesses.

The company is targeting specific regions with high solar energy potential to increase market penetration and higher adoption.

Amit Barve, Business Unit Head, Solar Business Unit (PEWIN), Panasonic Life Solutions India, said, “This collaboration will enable contribute to a greener and more sustainable future. Together, we aim to make it a viable and attractive option for all and contribute to global cause of CO2 mitigation.”

A week away from the kick of COP28 in Dubai, it appears to be more challenging for the global leaders. We are heading to the busiest time of the year. By that, I mean the stakeholders of climate mitigation. Blame it on the more complex impact climate change has on human lives with every passing day.

While the forum is themed around four key subjects, Technology and Innovation; Inclusion; Frontline Communities, and Finance, the world leaders would have more challenges.

Here is the list of my top 5 challenges for COP 28:

A) Climate mitigation commitment and stocktaking: 198 countries are signatories to the Paris Agreement that started the chorus to arrest temperature rise by 1.5 degrees Celsius. This would be the first review meeting after the countries agreed to a review every 5 years. As we know, countries, corporations, and other stakeholders are way off their climate targets.

The Emissions Gap Report 2023 from the UN shows that if actions are not intensified, the globe is heading to a 3-degree Celsius temperature increase. As of today, the agreed-upon task to arrest the temperature rise at 1.5 degrees to the pre-industry levels, appears to be an unachievable target.

B) Climate funding: Affordable, sustainable development funds were the focus of the previous COPs as well. However, very little has translated into action. Making funding accessible for developing countries will continue to top the challenge chart for world leaders.

C) Loss and damage fund: The negotiation concluded in Abu Dhabi in the first week of November. The guidelines will be sent for signing during COP28. This fund has already attracted flakes from developed countries.

D) Energy transition: Widely spoken about and initiated, energy transition still struggles to find its feet as many of the countries are taking practical steps to keep demand and growth in focus over climate action. So, for world leaders, accelerating energy transition commitments would require putting more pressure on these nations.

E) The broader leadership strategy to save people, lives, and livelihoods: Recalling here, September 2023 was the warmest month in many parts of the world. However, some parts like India, Turkey, and Spain saw unprecedented floods and natural calamities. Decisive and structured leadership to save people is very crucial.

Undoubtedly, this is a crucial decade for all – Countries, corporations, leaders, and the common man alike. The delay in action can lead to catastrophes beyond human comprehension.

Are you looking for a career that makes a difference, offers exciting opportunities, and has the potential for growth? Look no further than the renewable energy sector!

Renewable energy is a booming industry that offers exciting and rewarding careers. From engineering and project management to finance and marketing, there’s a role for everyone in this dynamic field.

So, how can you get started in the renewable energy sector? Here are some tips:

1. Build a strong foundation: If you’re just starting out, consider pursuing a degree in a related field such as engineering, environmental science, or business. This will give you a solid foundation of knowledge and skills that will be valuable in any renewable energy career.

2. Gain experience: There’s no substitute for real-world experience, so seek out internships or entry-level positions in the renewable energy sector. This will not only give you valuable experience but also help you make connections and build a network.

3. Specialize: Renewable energy is a broad field, so consider specializing in a specific area such as solar, wind, or energy storage. This will make you more valuable to employers and help you stand out in a crowded job market.

4. Stay up-to-date: The renewable energy sector is constantly evolving, so it’s important to stay up-to-date with the latest trends, technologies, and regulations. Attend conferences, read industry publications, and join professional organizations to stay informed

5. Network: Networking is key to success in any field, and the renewable energy sector is no exception. Attend industry events, connect with professionals on LinkedIn, and join local renewable energy groups to build your network and make connections.

The renewable energy sector offers exciting opportunities for professionals at all levels, whether you’re just starting out or looking for a change. So, don’t miss out on the chance to make a difference and be part of a dynamic and growing industry!

The Institute of Chartered Accountants India (ICAI) along with 12 other entities have come together to form a Sustainability Standards Advisory Forum (SSAF).

Other representatives include Brazil, Canada, China, Japan, Mexico, Saudi Arabia, South Korea, Switzerland and the UK. They will be joined by individuals from bodies representing Africa, the European Union and Latin America.

A note released by The IFRS Foundation said that SSAF members will work with the International Sustainability Standards Board (ISSB) towards a comprehensive global baseline of sustainability-related disclosure for #capitalmarkets.

The IFRS note said that the inaugural members have been nominated based on their deep technical expertise in sustainability reporting and understanding of the jurisdictional or regional approach to sustainability reporting they are representing. The SSAF will also benefit from official observers representing the European Commission, IOSCO and the United States Securities and Exchange Commission. A Global Reporting Initiative (GRI) representative will join meetings to enable the discussion, building on the commitment the ISSB and GRI made in early 2022 to advance interoperability in the disclosure landscape.

Emmanuel Faber, ISSB Chair, said, “The jurisdictional perspective the experts in the SSAF will provide to our standard-setting work will be hugely important to ensuring our Standards can effectively deliver on capital market needs and build a truly global baseline. We look forward to working constructively with them to deliver on the ISSB’s objectives.”

Other than ICAI, other members of the SSAF and official observers include:

· Pan African Federation of Accountants (PAFA)
· Brazilian Committee of Sustainability Pronouncements (CBPS)
· CPA Canada (as interim prior to the establishment of the Canadian Sustainability Standards Board (CSSB))
· Group of Latin American Accounting Standard Setters (GLASS)
· Mexican Financial Reporting Standards Board (CINIF)
· Accounting Regulatory Department, Ministry of Finance of People’s Republic of China (ARD)
· Korea Accounting Institute (KAI) and the Financial Services Commission (FSC)
· Saudi Organization for Chartered and Professional Accountants (SOCPA)
· Sustainability Standards Board of Japan (SSBJ)
· European Financial Reporting Advisory Group (EFRAG)
· Swiss State Secretariat for International Finance (SIF)
· UK Financial Reporting Council

Tag: finance

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