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The transition to a green economy is happening but its acceleration can be done through supportive policy frameworks, T.V. Narendran, CEO and Managing Director of Tata Steel Limited, said on Saturday at the B20 Summit.

Speaking at the session on financing the climate transition, he said that supportive policy frameworks could be carbon markets such as the Carbon Border Adjustment Mechanism in European Union, and infrastructural support to transition from coal to gas to hydrogen without undermining its cost and complexity.

"The cost complexity of this journey is going to be significant and while industry can support part of the cost, government support is needed," Narendra added.

Also addressing the session, Kotak Mahindra Bank CEO Uday Kotak said: "We have to be clear that the risk of existential viability of planet earth has to be put a step above the business viability. While a lot of focus is on transition financing, we have to take into consideration if we have the time to wait for economic viability to work out vs the existential viability."

Meanwhile addressing the session, group chairman of HSBC Holdings Plc, UK Mark Tucker said,

"For financial innovation, a huge amount of creative thinking is going into crowding sustainable finance for innovative items and systems. We need to utilise government support and develop support in de risking the projects in the opening stages itself," Tucker added.