Stronger private sector role and greater innovation in climate finance needed: Ateesh Kumar Singh

Emphasising the need for deeper collaboration between government and industry, Ateesh Kumar Singh, Additional Secretary at the Department for Promotion of Industry and Internal Trade under the Ministry of Commerce and Industry, called for stronger private sector participation and innovation-driven climate finance to support India’s sustainable growth trajectory.

Addressing the 5th Green Investment & Sustainability Conclave organised by ASSOCHAM, Singh said India currently enjoys a strong macroeconomic position marked by robust growth indicators, rising capital expenditure and sustained policy reforms aimed at improving ease of doing business. However, he stressed that private investment must keep pace with this momentum to unlock greater participation in capital formation and climate-aligned growth.

Delivering the Chief Guest address, Singh noted that sustainable development cannot rely solely on policy intent. “Innovation and R&D must be placed at the centre of our growth strategy. Stronger industry-led innovation, deeper research capabilities and collaborative action across sectors are essential,” he said, adding that the government remains committed to a whole-of-nation approach to building a climate-resilient and innovation-driven economy.

The conclave brought together policymakers, regulators, financial institutions, investors, corporates, ESG experts and sustainability leaders to deliberate on expanding private sector participation, accelerating climate finance innovation and operationalising India’s sustainable growth frameworks.

Speaking at the event, Rajiv Gupta, Co-Chairman of ASSOCHAM’s National Council for Insurance and President of PB Fintech Ltd., highlighted the evolving role of financial markets and technology in advancing sustainable finance. He noted that insurance, fintech and capital markets must integrate sustainability into mainstream investment decisions, improve climate risk pricing and strengthen ESG disclosure standards to drive transparency and green innovation.

Meanwhile, Imad N. Fakhoury, Regional Division Director for South Asia at the International Finance Corporation, underscored the scale of investment required for India’s green transition. He emphasised the importance of blended finance models, risk-sharing mechanisms, regulatory clarity and global partnerships to mobilise long-term private capital and build climate resilience.

Highlighting infrastructure financing initiatives, Palash Srivastava, Deputy Managing Director of the India Infrastructure Finance Company Limited, spoke about focused green financing efforts supporting sustainable shipping and clean mobility. He referred to initiatives including hydrogen and biofuels bunkering, development of value-added funding mechanisms and strengthening an India-focused shipping ecosystem aimed at enhancing maritime sustainability.

During the conclave, ASSOCHAM also released the ASSOCHAM–CARE ESG Ratings Knowledge Report, presenting insights into emerging ESG integration practices, risk assessment frameworks and evolving sustainable finance mechanisms shaping India’s transition towards a climate-resilient economy.