FM Urges ADB For Support In Concessional Climate Finance

FM Urges ADB For Support In Concessional Climate Finance

Recently the Finance Minister of India has urged ADB to provide concessional climate finance.

The Finance Minister has urged the Asian Development Bank (ADB) to consider other ways to provide concessional climate finance, especially to middle-income countries like India.

To make a positive impact and tackle climate change, India needs climate finance of about $100 billion annually for the next ten years.

Climate finance, according to the United Nations, is money that is focused on supporting mitigation and adaptation actions to combat climate change. It can be obtained from public, private or alternative sources at the local, national or international level.

Need for climate finance in India

  • This is necessary to achieve the Nationally Determined Contribution (NDC) targets under the UNFCCC.
  • Climate finance can help drive climate change in the agriculture sector and prepare farmers for a low-carbon economy.
  • It will help India deal with the challenges posed by increasing industrialization, urbanization, deforestation, forest fires, carbon emissions, etc.

Initiatives taken for climate finance –

  • Sovereign Green Bonds have been announced in the Union Budget 2022-23 for investment in green infrastructure.
  • RBI has joined the Network for Greening the Financial System (NGFS). It aims to strengthen the global response to meet the goals of the Paris Agreement.
  • Reliance has committed to invest US$ 80 billion for green energy projects.

Source – The Hindu

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