There is a need to mobilise domestic and international flows from retail as well as institutional investors to meet the green finance requirements of the country, according to Dinesh Kumar Khara, Chairman, State Bank of India.
Speaking at a seminar on ‘Climate Finance and Risk’, which was hosted by SBI under the aegis of the Department of Financial Services (DFS) in New Delhi, Khara also emphasised on the need for robust climate focused frameworks backed by central regulations.
SBI, in a statement, said India ranks 7th among the world’s most affected countries by climate change, yet a relatively small share (about 7 per cent) of climate capital flows into the country.
The Bank organised the workshop as part of an industry-wide effort to delve into complexities of climate finance, examining the opportunities and challenges it presents, and finding practical and impactful solutions to climate change.
Vivek Joshi, Secretary, DFS, urged banks to collaborate and create policies for mobilizing capital towards mitigation and adaptation finance.
He also highlighted the fact that the financial sector is well positioned to bring about behavioral change in corporates and contribute towards building a sustainable society.
Participants, including senior officials from leading public and private sector banks, NABARD, NaBFID, SIDBI, RBI, and policymakers, discussed the gap in climate finance in India, avenues for mobilizing private capital in emerging markets towards climate-friendly initiatives, the importance of fostering green investments and accelerating the transition to a low-carbon economy, per SBI’s statement.
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