The first Global Stocktake (GST) report that was deliberated on at COP28 UAE clearly highlights that the world is not on track to reduce emissions to the level needed to limit global temperature rise below 1.5 C. While the Paris Agreement is driving climate action, far more ambition is required on all fronts and by all actors. Achieving these goals not only calls for systemic transformations at all scales but requires that we engage cities, states, countries, financial institutions, and others. These transformations will require us to unlock and redeploy trillions of dollars in climate finance to enable climate action in developing countries. The G20 New Delhi Leaders Declaration also clearly notes the need of USD 5.8-5.9 trillion in the pre-2030 period required for developing countries, for their needs to implement their NDCs, as well as the need of USD 4 trillion per year for clean energy technologies by 2030 to reach net zero emissions by 2050.

How should private sector capital be mobilized and leveraged at a far greater scale for climate finance and how MDBs, DFIs and other stakeholders need collaborate with private sector in supporting climate transitions in EMDEs such as India?