World Bank, Chennai Corporation hold climate investment workshop

Photos by B.Jothi Ramalingam capturing the GCC and IFC workshop on developing Chennai's Climate Investment Opportunities Diagnostic.

The Greater Chennai Corporation (GCC), with the International Finance Corporation (IFC) of the World Bank, is holding a two-day ‘Baseline Measures Setting and Project Investments Workshop’ from May 29.

The workshop, inaugurated on May 29 at the Commissioner’s Conference Hall at the Kalaignar Muthamizharignar M. Karunanidhi Maligai, is a key step in developing the Climate Investment Opportunities Diagnostic (CIOD) for Chennai. The CIOD is designed to support the implementation of Chennai’s Climate Change Action Plan.

The workshop sessions will focus on data collected and stakeholder feedback, to form a comprehensive environmental strategy for Chennai, a press release said.

The release stated that CIOD evaluates proposed actions and sectoral Green House Gas (GHG) emission reduction targets, outlining potential investments, estimative costs, payback periods, and funding sources using the APEX Online App and also creates a Green Investment Pipeline to explore additional financing sources, including private finance and climate finance.

Supported by IFC’s Advanced Practices for Environmental Excellence in cities (APEX), the CIOD utilises the app to estimate Chennai’s environmental footprint across four key sectors: built environment and energy, transportation, waste, and water.

“This diagnostic tool helps prioritise and accelerate policy actions and investments for a transition to low-carbon, resource-efficient urban growth,” according to the press release.

In February 2024, GCC, IFC, and C40 held the APEX CIOD project kick-off and orientation meeting. The IFC team has since completed data collection and stakeholder consultations with key departments of GCC, including Electrical, Buildings, Roads, Solid Waste, and Town Planning. Additional consultations involved TEDA, Chennai Unified Metropolitan Transport Authority (CUMTA), Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB), Tamil Nadu Generation and Distribution Corporation (TANGEDCO), and Tamil Nadu Green Climate Company (TNGCC).