There is a need to mobilise domestic and international flows to meet India’s green finance requirements: SBI Chief Khara

There is a need to mobilize domestic and international flows of individuals as well as investment institutions to meet Green financing State requirements, according to Dinesh Kumar Khara, Chairman, Central Bank of India.

Speaking at a seminar on ‘Finance and Climate Risk’, hosted by the SBI under the auspices of the Department of Financial Services (DFS) in New Delhi, Khara also emphasized the need for robust climate-focused frameworks backed by central regulations.

The SBI said in a statement that India ranks seventhy It is among the countries in the world hardest hit by climate change, yet a relatively small share (about 7 percent) of climate capital flows into the country.

The Bank organized the workshop as part of an industry-wide effort to delve deeper into the complexities of climate finance, examine the opportunities and challenges it poses, and find practical and impactful solutions to climate change.

DFS Secretary Vivek Joshi urged banks to cooperate and put in place policies to mobilize capital towards mitigation and adjustment financing.

It also highlighted the fact that the financial sector is well positioned to bring about behavioral change in companies and contribute to building a sustainable society.

Participants, including senior officials from leading public and private sector banks NABARD, NaBFID, SIDBI, RBI, and policy makers discussed the climate finance gap in India, ways to mobilize private capital in emerging markets towards climate friendly initiatives, and the importance of Promote green investments and accelerate the transition to a low-carbon economy, according to the SBI statement.