As a part of the G20 Presidency, the Sustainable Finance Working Group led by the Department of Economic Affairs, Ministry of Finance, Govt. of India, had organised the “Integrating Climate Considerations in Budgeting” event in association with the UNDP’s Climate Finance Network at Udaipur, Rajasthan.
The programme had participation from Sikkim that included Secretary, Science & Technology Department, Bhuwan Pradhan, IFS, Principal Director, Science & Technology Department, Dhiren Shrestha, Principal Director, Finance Department, Rajendra Sharma.
The agenda of the event was to discuss the Climate Budget Tagging in public finances for climate responsiveness. Climate Budget Tagging( CBT) is a growing government-led process of identifying, measuring and monitoring climate relevant public expenditures, with 26 countries having introduced or piloted CBT at the national level.
The event prioritised hearing from leading figures in the global experience with climate budget, including how it has been implemented in different contexts. The gathering reflected on convergences and divergences in approach while considering diverse economic conditions and discussed about the support required for interested states to implement Climate Budget Tagging.
The role of the government in identifying financing gaps and improving investment effectiveness for a climate resilient economy were also discussed in the event.