Enhancing India’s Readiness to Climate Finance
India has taken several steps to improve its national response to climate change. India’s climate finance requirements, however, are very high, and will need to be met through a combination of public, private and international climate finance. See more at: http://shaktifoundation.in/
India has taken several steps to improve its national response to climate change. India’s climate finance requirements, however, are very high, and will need to be met through a combination of public, private and international climate finance. See more at: http://shaktifoundation.in/
Enhancing India’s readiness to access and deliver international climate finance Producing energy from waste and sewage Mitigation 2009 2.84 Promoting Low Carbon Transport in India Mitigation 2010 2.59 Solar Mapping and Monitoring Mitigation 2010 2.12 Support of NAMA and MRV development as part of Indian climate policy Mitigation 2013 3.95 Sustainable Management of Coastal and Marine Protected Areas Multiple foci 2012 12.34 Source: Climate Funds Update. http://www.climatefundsupdate.org/listing *All funds in USD millions. Note that none of the approved projects have yet received financial disbursements Figure VII.1: Access procedures for German bilateral support to India: Figure VII.2: Project cycle for bilateral flows of climate finance to India The process of bilateral disbursements received by India is more or less similar irrespective of the donor. All external funding is received by the Ministry of Finance’s Department of Economic Affairs, and registered with the Controller of Aid Accounts and Audit. The funds flow process in case of national sector projects and State sector projects are outlined in the following diagram: Ref: Ricardo-AEA/R/ED59216/Final Report 73
Enhancing India’s readiness to access and deliver international climate finance National Sector Projects 68 State Sector Projects The line ministry spends money on the project, based on the budget provision The state government makes a budget provision for the project / programme and the state finance department authorises the implementing department by releasing funds (Letter of Credit) The line ministry sends claims for re-imbursement to CAA&A The department concerned makes payments and sends re-imbursement claims to CAA&A CAA&A arranges re-imbursement from the external agency, which gets into the central budget as a receipt CAA&A scrutinises claims and forwards claims to the external agency The PMU advises Plan Finance-1 of the Department of Expenditure (DoE) to release funds in the form of ACA to the states. Plan Finance-1 authorises Chief Controller of Accounts, Ministry of Finance to effect the transfer of funds. Chief Controller of Accounts advises the RBI Central Accounts Section, Nagpur, to debit the central govt. account and credit the state govt. account for the amount. The external agency makes the payment to the central government. In case of direct payment by the external agency to the supplier / consultant, the rupee equivalent is adjusted by the Department of Expenditure, against the additionality due to the state government on such disbursement 68 http://finmin.nic.in/the_ministry/dept_eco_affairs/pmu/PositionPaper_ExtAssist.pdf Ref: Ricardo-AEA/R/ED59216/Final Report 74
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<strong>Enhancing</strong> <strong>India’s</strong> readiness <strong>to</strong> access and deliver international climate finance<br />
Producing energy from waste and sewage Mitigation 2009 2.84<br />
Promoting Low Carbon Transport in India Mitigation 2010 2.59<br />
Solar Mapping and Moni<strong>to</strong>ring Mitigation 2010 2.12<br />
Support of NAMA and MRV development as part of Indian climate policy Mitigation 2013 3.95<br />
Sustainable Management of Coastal and Marine Protected Areas Multiple foci 2012 12.34<br />
Source: <strong>Climate</strong> Funds Update. http://www.climatefundsupdate.org/listing<br />
*All funds in USD millions. Note that none of the approved projects have yet received financial disbursements<br />
Figure VII.1: Access procedures for German bilateral support <strong>to</strong> India:<br />
Figure VII.2: Project cycle for bilateral flows of climate finance <strong>to</strong> India<br />
The process of bilateral disbursements received by India is more or less similar irrespective of the donor. All<br />
external funding is received by the Ministry of <strong>Finance</strong>’s Department of Economic Affairs, and registered with<br />
the Controller of Aid Accounts and Audit. The funds flow process in case of national sec<strong>to</strong>r projects and State<br />
sec<strong>to</strong>r projects are outlined in the following diagram:<br />
Ref: Ricardo-AEA/R/ED59216/Final Report<br />
73
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