Research - Just Finance India: Mobilising investment for a just transition to
27 February 2023
This Strategy is rooted in the principles of equity and climate justice, and points to the importance of making the energy transition “just, smooth, sustainable and all inclusive”.2 The G20’s work on sustainable finance has also underlined the importance of “orderly, just and affordable” transitions. [...] The twin priorities of financial reform and the just transition were key aspects of the COP27 Sharm el-Sheikh Implementation Plan in 2022.9 The Plan pointed to the need for investment of at least $4–6 trillion per year to build a low-carbon economy and highlighted that this will require “a transformation of the financial system”. [...] Across the world, the findings indicate that the vast majority of companies have yet to demonstrate action on the just transition.27 In India, the WBA’s assessment showed that some companies such as Bharat Petroleum, IOC and The vast majority of GAIL did have explicit policies to engage with stakeholders and have adopted companies have yet to measures to reskill employees and provide access to gre. [...] This indicator covers four key areas of business behaviour: whether the company has acknowledged the just transition, the commitments it has made, the stakeholder engagement it has undertaken and the concrete actions it has taken to support the just transition.29 In its latest assessment, CA100+ noted the numbers of its focus companies with a ‘partial’ response to the just transition had risen to. [...] Its objective is to strengthen the capability of the state and the national governments in India to respond to the needs of informal workers in response to COVID-19 through a resilient and coordinated social protection system.