National Bank for Agriculture and Rural Development (NABARD) launched its Climate Strategy 2030 document.

Banking & Finance

On Earth Day (22 April 2024), the National Bank for Agriculture and Rural Development (NABARD) launched its Climate Strategy 2030 document, which aims to meet India's growing demand for green funding. The strategy seeks to mobilize resources for climate change mitigation, adaptation, and resilience projects throughout the country. India requires around $170 billion per year to accomplish a total of more than $2.5 trillion in green financing by 2030. Only $5 billion was invested to adaptation and resilience, indicating low private sector engagement due to bankability and economic viability issues.


      As of 2019-20, India received just around $49 billion in green financing, with the majority of funds going toward mitigation.

      India is the world's third-largest emitter of greenhouse gases, following China and the United States.

      The country has set an ambitious goal of reaching 175 GW of renewable energy capacity by 2022 and 450 GW by 2030.

 

     


National Bank for Agriculture and Rural Development (NABARD)

Founded- 12 July 1982; Chairman- Shaji K.V.
HQ- Mumbai
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