Kolkata’s Climate Finance Equation: Turning Aspirations into Impact

The world is at a decisive juncture in addressing the issue of climate crisis. Global warming, rising sea levels, and extreme weather events threaten to derail decades of development and prosperity. While the Paris Agreement has set a clear objective to limit global temperature rise to 1.5°C, at most within 2°C, achieving this goal requires unprecedented collaboration and resource mobilisation. Recent global negotiations, including the COP29 in Baku, highlighted signicant gaps in aligning global nancing priorities with the needs of developing nations. The outcomes were not favourable for India and the broader Global South, underscoring the urgent need for innovative nancial mechanisms that bridge global commitments with local action.

As one of the world’s fastest-growing economies, India faces unique challenges and opportunities. It is among the countries most vulnerable to climate impacts, with millions of lives and livelihoods at stake. At the same time, India’s leadership in clean energy transitions and sustainable development can inspire meaningful change globally. Meeting its climate goals will require bridging substantial nancing gaps, mobilising domestic and international resources, and ensuring these investments are channelled effectively to regions that need them most.

West Bengal stands out as a region particularly exposed to climate risks in India. The state, with the Himalayas in the North and the Bay of Bengal in the South, faces diverse challenges, from intensied cyclones and coastal erosion in the Sundarbans to urban ooding and pollution in Kolkata. These risks are not just environmental—they signicantly affect infrastructure, public health, agriculture, and economic stability. Financing climate resilience in West Bengal, particularly in Kolkata, is not just about adaptation and mitigation but also about securing the region’s long-term growth and sustainability.

Kolkata Municipal Corporation is developing the Kolkata Climate Action Plan (K-CAP) to address the city’s acute climate vulnerabilities, aiming to align with the Paris Agreement goal as well as the country’s NDC targets. As one of the most densely populated and climatically vulnerable cities globally, Kolkata faces signicant risks from heat, ooding, cyclones, and rising sea levels, compounded by high urbanisation and low climate resilience. K-CAP seeks to mitigate greenhouse gas emissions, enhance adaptation strategies, and bolster community resilience through inclusive, evidence-based initiatives. Despite prior efforts, including disaster management and biodiversity restoration, Kolkata requires robust action to transition toward a Net Zero emission scenario and climate-resilient future. This action needs robust nancial support.

Workshop Agenda:

To address these interconnected challenges, this roundtable, hosted by the Observer Research Foundation (ORF) on behalf of the KCAP committee, will convene diverse stakeholders to identify actionable solutions. The roundtable will centre discussions, but not limited to the following driving questions:

• How can international climate nance mechanisms, such as Green climate funds and adaptation funds, be leveraged to bridge global commitments and local action?
• What innovative strategies can be adopted to mobilise domestic nancing and private sector investments for regional climate initiatives?
• What can be the roadmap for appropriate public nance (banks, etc.)?
• How can CSR funding be linked with K-CAP activities?
• Are there any other related nancial mechanisms/instruments to be pursued?
• What financial instruments and partnerships are needed to implement and scale the K-CAP effectively? Are there any linked policy decisions from KMC?

This roundtable aims to foster practical, collaborative strategies that connect global aspirations with local realities. The discussion seeks to position Kolkata as a model for urban climate resilience and action by addressing nancing across all levels- from international frameworks to grassroots initiatives.

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This is an invite-only event.

Programme