NABARD unveils Climate Strategy 2030 to mobilise green financing

National Bank for Agriculture and Rural Development (NABARD) on the occasion of Earth Day unveiled its Climate Strategy 2030 document which aims to address India’s need for green financing

National Bank for Agriculture and Rural Development (NABARD) on the occasion of Earth Day unveiled its Climate Strategy 2030 document which aims to address India’s need for green financing.

NABARD said since India requires approximately $170 billion annually to reach a cumulative total of over $2.5 trillion by 2030, the current green finance inflows are critically insufficient.

“As of 2019-20, India garnered about $49 billion in green financing, merely a fraction of what is needed. With the majority of funds earmarked for mitigation, only $5 billion was allocated towards adaptation and resilience, reflecting the minimal private sector engagement in these areas due to challenges in bankability and commercial viability,” it said in statement.

NABARD’s Climate Strategy 2030 is structured around four key pillars which include accelerating green lending across sectors, playing a broader market-making role, internal green transformation and strategic resource mobilisation.

Meanwhile, leading real estate developers have pledged for sustainable development.

DLF, said it had been at the forefront of sustainable construction initiatives. By implementing practices such as zero-discharge water systems and sewage treatment plants, it had been able to recycle millions of liters of water daily, thereby reducing the strain on local water sources.

As the only Indian real estate company featured in the Dow Jones Sustainability Index for the past three years, DLF said it exemplified commitment to environmental, social, and governance excellence.