Construction Industry News
To celebrate Earth Day, NABARD unveiled the 2030 Climate Strategy Plan, presented by Shaji KV, Chairman, NABARD. This comprehensive strategy is designed to meet India's growing demand for green finance.
Although the need is urgent, given that India needs nearly $170 billion annually to reach a cumulative total of over $2.5 trillion by 2030, the current green financing flows will decline. Noticeably short. In fiscal year 2019-20, India received only about $49 billion in green financing, which is just a small fraction of the required amount. The majority of this money has been directed towards mitigation efforts, with only $5 billion allocated to adaptation and resilience. This disparity underscores the limited private sector involvement in these critical areas, largely due to challenges related to bankability and commercial viability.
NABARD's 2030 Climate Strategy is structured around four key pillars to address this demand: (i) accelerating green lending across sectors, (ii) playing a broader role in market creation (iii) NABARD's internal green transformation and (4) mobilize strategic resources.
This strategic initiative not only strengthens NABARD's commitment towards environmental stewardship, but also positions it as a key player in India's transition towards a resilient and sustainable economy.
