Mr Alok Tewari, Principal Executive Director, Railway Board, last week said that Indian Railways needs investment to the tune of $600 billion by 2030 to fulfil the Nationally Determined Contributions (NDCs) goal of increasing the modal share in freight from 36 per cent to 45 per cent.
Speaking at a conference on ‘Role of Sustainable Finance: Translating Climate Ambition into Investment Opportunities’, organised by FICCI on the sidelines of UNFCCC COP 25 here, Mr Tewari said, “Indian Railways estimates an investment need of $600 billion by 2030 towards the NDCs goal of increasing the modal share (in freight) to 45 per cent.”
Among the others who addressed the event, Mr Sean Kidney, CEO, Climate Bonds Initiative, highlighted global success stories and how India could build on those examples in terms of technology, innovation, and finance.
Mr Vijay Garg, Executive Director, Ministry of Railways, highlighted Indian Railways’ plan to attract more private investment, encouraging project-specific subsidiaries (in the form of SPVs) with equity from public sector undertakings and the private sector.
Mr Kunal Upadhyay, Co-founder and Managing Partner at Bharat Innovation Fund (a fund affiliated to the Indian Institute of Management, Ahmedabad), emphasised on the need of creating an ecosystem for investors, especially for the start-ups.
