India’s Banks Know Climate Is Their Biggest Threat
8 hours, 35 minutes ago

India’s Banks Know Climate Is Their Biggest Threat

Live Mint  

-- Twice a year, the Reserve Bank of India reviews the stability of the country’s financial system. While they downplayed the usual concerns — asset quality, interest rate risk, capital outflows — one particular threat loomed larger than ever before: climate change. It isn’t just that India, according to the Network for Greening the Financial System, will see sharply lower growth unless temperature rises are controlled. It wasn’t until earlier this year that the RBI finally released a draft framework that would require financial institutions to devise and disclose their strategies to mitigate climate-related risk.

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The year in data: how 2024 stacked up for economy, politics, climate and more
Trending News
2 weeks, 1 day ago

The year in data: how 2024 stacked up for economy, politics, climate and more

Live Mint  

India is always beaming with the extraordinary potential of a massive young population, rapidly growing middle class, and geographical richness. Beyond air, India’s growth and development trajectory will also be threatened by climate change and it will have to set aside huge budgets to tackle its impact. The Reserve Bank of India underestimated inflation for the fifth year in 2024-25 …

Climate change is now a real and pressing economic threat
3 weeks, 1 day ago

Climate change is now a real and pressing economic threat

Live Mint  

New Delhi: Climate change is no longer just affecting lives. “We must reduce emissions because a country like India needs a stable climate to ensure growth. Cross-border tariffs Climate change may disrupt global trade and economic development around as developed economies in the European Union are coming up with measures like the Carbon Border Adjustment Mechanism, a policy tool to …

Climate change poses severe risks to financial stability: RBI Deputy Governor
1 month, 1 week ago

Climate change poses severe risks to financial stability: RBI Deputy Governor

New Indian Express  

MUMBAI: Warning of the increasing intensity and severity of climate risks, Reserve Bank of India Deputy Governor M Rajeshwar Rao has called for a regulatory response to mitigate these challenges, emphasising their impact on price and financial stability. Speaking at an international conference on "Mitigating Climate Change Risks and Fostering a Robust Ecosystem for Sustainable Finance", organised by the Institute …

India’s stand against inadequate climate finance at COP29
1 month, 2 weeks ago

India’s stand against inadequate climate finance at COP29

Hindustan Times  

The Conference of Parties 29 climate summit in Baku, Azerbaijan, ended on a dramatic note as negotiators announced a pledge to triple annual climate finance to $300 billion by 2035, with an aspirational target of $1.3 trillion. Therefore, we oppose the adoption of this document.” India’s rejection of the climate finance package came in the face of celebration by developed …

India at CoP-29: Push for climate finance and strengthen domestic sources
1 month, 3 weeks ago

India at CoP-29: Push for climate finance and strengthen domestic sources

Live Mint  

As CoP-29 reaches its final phase of talks in Baku, Azerbaijan, the focus on climate finance has intensified, underscoring its importance for developing economies like India. At the heart of this effort lies India’s domestic financial sector, particularly its banks, which are the largest source of climate finance outside of the government. Banks can embed climate risk into their broader …

RBI can expect climate risks to emerge as important policy inputs
2 months ago

RBI can expect climate risks to emerge as important policy inputs

Live Mint  

As a debate intensifies over the Reserve Bank of India’s decision to keep its policy repo rate at 6.5% for the 10th consecutive time in its fourth bi-monthly policy meeting for 2024-25, we must shift attention to a critical yet under-studied aspect: the implications of climate change for the central bank’s conduct of monetary policy. Physical climate risks can also …

India to focus on climate finance, accountability, protection for vulnerable communities at COP29
2 months ago

India to focus on climate finance, accountability, protection for vulnerable communities at COP29

The Hindu  

As world leaders and climate negotiators converge on Baku for COP29, beginning Monday, India is set to bring renewed focus to the urgent need for climate finance, accountability, and protection for vulnerable communities. India’s key priorities at the conference are likely to focus on ensuring accountability of developed nations on climate finance, strengthening resilience for vulnerable communities, and achieving an …

India mustn’t lose time on a climate finance taxonomy
5 months, 2 weeks ago

India mustn’t lose time on a climate finance taxonomy

Live Mint  

India’s climate ambitions are as vast as its challenges. The Reserve Bank of India in a discussion paper also addressed India’s climate finance needs of more than $17 trillion to achieve net zero. The EU’s taxonomy follows the guiding principle of ‘do no harm’ while covering six broad goals: Climate change mitigation, adaptation, sustainable use and protection of marine sources, …

Challenges in making Indian finance climate-resilient
6 months, 1 week ago

Challenges in making Indian finance climate-resilient

New Indian Express  

All parts of the economy, including the financial sector, are vulnerable to climate risks. Munich RE, a German reinsurance agency that compiles global disaster statistics, estimated global losses due to disasters in 2023 at around $250 billion, of which only 38 percent was insured. Recognising the vulnerability of the global financial system to the risks posed by climate change, the …

Climate accountability: Disclose more, put checks before financing mega projects
7 months, 4 weeks ago

Climate accountability: Disclose more, put checks before financing mega projects

New Indian Express  

The ‘Draft Disclosure Framework on Climate Related Financial Risks’ released by the RBI in February enjoins financial institutions, such as banks, to provide the public detailed information on how they are addressing risks to their investments arising from the climate crisis. Big-ticket investments by FIs in sectors like infrastructure and energy face direct physical risks from environmental changes like rise …

RBI’s proposal for a disclosure framework to ascertain climate-related financial risks | Explained
10 months ago

RBI’s proposal for a disclosure framework to ascertain climate-related financial risks | Explained

The Hindu  

The story so far: Seeking to institute a framework for regulated entities to tackle climate-related financial risks, the Reserve Bank of India on February 28 presented draft guidelines on Disclosure framework on Climate-related Financial Risks, 2024. The Statement on Developmental and Regulatory Policies, presented along with the Monetary Policy statement on February 8, 2023, had recognised that climate change can …

Budget 2024: Can India become a $7 trillion economy by 2030?
11 months, 2 weeks ago

Budget 2024: Can India become a $7 trillion economy by 2030?

India Today  

A recent review report released by the government has estimated India's potential economic trajectory, aiming to hit the $7 trillion mark by 2030, ahead of the upcoming Interim Budget 2024-25. "India's unwavering commitment to ensuring steady economic growth is generating resources for investment needed for climate change adaptation, building resilience, and mitigating emissions,' the Finance Ministry report said. The report …

COP28: Why India's role is pivotal in climate justice and finance
1 year, 2 months ago

COP28: Why India's role is pivotal in climate justice and finance

Firstpost  

India, along with other developing countries, is pushing for a new global climate finance target, acknowledging the growing costs of addressing and adapting to climate change India’s stance at COP28, the United Nations Climate Change Conference, centres around the importance of adaptation and equity in addressing climate change. Over the past two years, developed economies have also collaborated with major …

Indian banks assess carbon risk of loan book amid investor, central bank push
1 year, 3 months ago

Indian banks assess carbon risk of loan book amid investor, central bank push

The Hindu  

India's largest banks have begun to audit their own and borrowers' carbon footprint as they try to mitigate financial risks amid growing pressure from regulators and investors to better align their Environmental, Social and Governance reporting with global norms, a dozen sources told Reuters. A lack of climate-risk disclosures could dent a bank's appeal for global investors and a delayed …

Indian banks could be catalyst in mitigating climate change
1 year, 4 months ago

Indian banks could be catalyst in mitigating climate change

Hindustan Times  

The Bank of England recently published its climate-related financial disclosure, thereby bringing clarity of approach to manage the risks from climate change across its policy functions. For example, India’s share in exports to Europe stands at around 20%, and given India’s interest in the region, it will be important for Indian banks to prepare to build mechanism which will allow …

India's vision for climate justice: COP28 and beyond
1 year, 4 months ago

India's vision for climate justice: COP28 and beyond

Hindustan Times  

As the world confronts the pressing reality of the climate crisis, the need for robust climate financing has never been more urgent. Notably, the establishment of the National Adaptation Fund for Climate Change and the National Clean Energy Fund serve as shining examples of India's commitment to promoting clean energy and supporting climate-resilient infrastructure. The Climate Finance Working Group's estimation …

India’s climate crisis susceptibility and the way forward
1 year, 7 months ago

India’s climate crisis susceptibility and the way forward

Hindustan Times  

The climate crisis poses an increasingly complex challenge worldwide, with profound implications for ecosystems, economies, and societies. India's vulnerability to climate crisis necessitates a long-term approach to build resilience and adapt to the changing climate. By adopting measures that enhance resilience in sectors such as agriculture, water management, and infrastructure, India can mitigate the adverse impacts of the climate crisis …

‘Adapting to climate change to cost India ₹85.6 lakh crore by 2030’
1 year, 8 months ago

‘Adapting to climate change to cost India ₹85.6 lakh crore by 2030’

The Hindu  

The cumulative total expenditure for adapting to climate change in India is estimated to reach ₹85.6 lakh crore by 2030, the Reserve Bank of India’s Department of Economic and Policy Research estimated in its Report on Currency & Finance 2022-23. India’s green financing requirement is estimated to be at least 2.5% of GDP annually till 2030 to address the infrastructure …

Economic growth faces risks from weather, geopolitics, global financial conditions: finance ministry
1 year, 8 months ago

Economic growth faces risks from weather, geopolitics, global financial conditions: finance ministry

Live Mint  

NEW DELHI: The finance ministry on Tuesday flagged the downside risks to the official forecast of 6.5% economic growth rate in FY24 arising from oil production cut by the OPEC, troubles in the financial sector in developed markets impeding cash flows and elevated risks to the monsoon rains from El Nino which could impact farm output and prices. Forecasts of …

Climate scientists deliver final warning: Time is running out
1 year, 9 months ago

Climate scientists deliver final warning: Time is running out

Live Mint  

Consider this the final warning: Climate scientists stated unequivocally today that rising greenhouse gas emissions have to be checked immediately. The Climate Change 2023 Synthesis Report is a culmination of a cycle of reports that started in 2018, which states clearly that in order to limit the effect of global warming to minimum, the world has to cut emissions by …

India set to issue rules on climate risk and sustainable finance
1 year, 11 months ago

India set to issue rules on climate risk and sustainable finance

Live Mint  

India’s central bank is putting regulations in place to push the nation’s lenders to take steps, including bolstering green lending, to mitigate risks emerging from climate change. Rules in the offing include a framework for acceptance of green deposits, a framework on climate-related financial risks, analysis on various climate scenarios and stress tests, Shaktikanta Das, the governor of the Reserve …

Economy at risk from move to clean energy: study
1 year, 11 months ago

Economy at risk from move to clean energy: study

The Hindu  

India’s financial sector is highly exposed to the risks of the economy transitioning from being largely dependent on fossil fuel to clean energy, says a study in the Global Environmental Change journal, published online last week. Mapping India’s policy commitments against these lending and investment patterns reveals that India’s financial sector is heavily exposed to potential transition risks. Sovereign green …

Tackling climate change top priority for India Inc, finds Deloitte report
1 year, 11 months ago

Tackling climate change top priority for India Inc, finds Deloitte report

India Today  

Tackling the impact of climate change is a top priority for top Indian company executives, who have ranked it higher than economic outlook, according to a new report. At least 57 per cent of Indian CxOs said climate change is among the top three priorities, compared to 42 per cent of global CxOs, showed Deloitte’s 2023 CxO Sustainability report. This …

India could become first country to get heatwaves that shatter human survivability limits, World Bank says
2 years, 1 month ago

India could become first country to get heatwaves that shatter human survivability limits, World Bank says

The Independent  

India could soon become one of the first countries in the world to experience heat waves that could shatter human survivability limits, a new study by the World Bank has revealed. The G20 Climate Risk Atlas that last year warned heatwaves across India are “likely to last 25 times longer by 2036-65 if carbon emissions remain high, as in the …

India showing intent to solve problems despite not traditionally contributing to emissions, says Environment Minister
2 years, 4 months ago

India showing intent to solve problems despite not traditionally contributing to emissions, says Environment Minister

Firstpost  

Union Environment Minister Bhupender Yadav said India is totally committed to driving its low-carbon industry transitions through a multi-pronged approach that cuts across sectors and issues New Delhi: Union Environment Minister Bhupender Yadav on Wednesday said India is showing intent as a problem solver despite not being a traditional contributor to global emissions. Addressing the opening ceremony of the G20 …

Addressing Climate Change: Policy Interventions And Sustainable Financing In India
2 years, 5 months ago

Addressing Climate Change: Policy Interventions And Sustainable Financing In India

Live Law  

According to the Global Risks Report, 2022 published by the World Economic Forum, climate action failure is amongst the top three most severe environmental risks and amongst the five most critical long-term threats to the world as well as the most potentially damaging to people and planet over a 10-year horizon. A 2021 assessment report by the Intergovernmental Panel on …

Climate finance: India's effort has exposed exaggerated claims by developed countries, says government
2 years, 5 months ago

Climate finance: India's effort has exposed exaggerated claims by developed countries, says government

Firstpost  

Union minister Ashwini Kumar Choubey said India has also been in the lead in calling for clarity in the definition of climate finance, and in clarifying the importance of scale, scope and speed in the delivery of such finance New Delhi: India has been taking the lead in raising the issue of climate finance and its efforts have exposed exaggerated …

The climate crisis worsens
2 years, 10 months ago

The climate crisis worsens

Hindustan Times  

The Intergovernmental Panel on Climate Change ’s report, Climate Change 2022: Impacts, Adaptation and Vulnerability, released on Monday, is an unvarnished account of the expanding footprint of the climate crisis on the world. Mass mortality events on land and ocean; first climate-driven extinctions; loss of hundreds of local species; death and disease due to extreme heat are some of the …

The climate crisis spells both risk and opportunity for the financial world
2 years, 10 months ago

The climate crisis spells both risk and opportunity for the financial world

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Veterans of the United Nation’s annual climate summits were stunned at Cop26 in Glasgow last …

The developed world and its climate goals
2 years, 10 months ago

The developed world and its climate goals

Hindustan Times  

India’s energy needs are expected to double in 20 years and denying people this energy would be the equivalent of denying life to millions, Prime Minister Narendra Modi said on Wednesday at the World Sustainable Development Summit. At the Conference of the Parties in Glasgow in November 2021, PM Modi announced that India’s non-fossil energy capacity will reach 500GW by …

What will it take for India to show more climate ambition?
3 years, 1 month ago

What will it take for India to show more climate ambition?

Live Mint  

Nearly a month since the COP26 climate summit began in Glasgow, England, many unanswered questions remain. For starters, it’s now quite clear that Prime Minister Narendra Modi’s announcements at the COP have not been converted into India’s new NDC towards mitigating climate change. In early September, the Bloomberg LP-led Climate Finance Leadership Initiative India was formed to channel private investment …

India refutes allegations on ‘weakening’ Glasgow climate pact
3 years, 1 month ago

India refutes allegations on ‘weakening’ Glasgow climate pact

The Hindu  

Rebutting allegations that it had weakened the Glasgow climate pact by having the final text of the agreement read that coal would be “phased down” instead of “phased out,” Indian officials said it had merely read out a ‘consensus’ statement agreed to by all countries on the final day of the COP conference. The sources also clarified that India has …

The numbers game: The Hindu Editorial on COP26 United Nations climate meeting at Glasgow
3 years, 2 months ago

The numbers game: The Hindu Editorial on COP26 United Nations climate meeting at Glasgow

The Hindu  

The 26th United Nations Conference of Parties in Glasgow, Scotland may not have a significant outcome as yet in sight. Prior to the summit, there was a frantic attempt by leaders of western countries, particularly the United States and summit host the United Kingdom, to have most countries agree on a mid-century net zero goal, or when emissions dip to …

COP26 draft says climate finance is insufficient
3 years, 2 months ago

COP26 draft says climate finance is insufficient

The Hindu  

A draft document of the agreement that countries, including India, are negotiating in Glasgow, Scotland underlines that the promised climate finance by the developed countries is “insufficient to respond to the worsening climate change impacts in developing countries” and urges the developed countries to “urgently scale up.” The provision of finance for mitigation and adaptation of the impact of global …

Climate justice for climate change: How Narendra Modi stole the march over his peers at COP26
3 years, 2 months ago

Climate justice for climate change: How Narendra Modi stole the march over his peers at COP26

Firstpost  

The prime minister was successful in showcasing to the world that unlike the duplicitous West, India has been at the forefront of both climate mitigation and climate justice On climate change and environment, India has strongly spoken on the need for critical enablers for galvanising global climate action which includes commensurate, long-term, concessional climate finance, access to affordable and sustainable …

Govts must respond to warnings planet is giving, cut emissions, Greenpeace urges
3 years, 2 months ago

Govts must respond to warnings planet is giving, cut emissions, Greenpeace urges

Hindustan Times  

International climate and environment watchdog Greenpeace International on Sunday demanded a faster and more ambitious action plan in response to the climate emergency and coronavirus disease pandemic, saying the G20 summit in Rome failed to confront the global crisis. Jacob stressed rich and developed countries have been historically responsible for emissions and they need to change their business and lifestyles …

India & Climate Change: Implications of setting a net zero target
3 years, 2 months ago

India & Climate Change: Implications of setting a net zero target

Hindustan Times  

The Intergovernmental Panel on Climate Change 1.5 C report highlights the criticality of achieving a net zero greenhouse gas future. We present the implications of these alternative scenarios for the required sectoral transitions across the electricity, transport, building, and industrial sectors in India and provide insights into India’s climate policy. Nuclear-based electricity generation capacity must increase to 68 GW by …

A climate dividend: The Hindu Editorial on India, net zero and energy transition
3 years, 2 months ago

A climate dividend: The Hindu Editorial on India, net zero and energy transition

The Hindu  

As it prepares to face pressure at the COP26 of the UN Framework Convention on Climate Change in Glasgow, India is adopting the stand that a national deadline for net zero carbon dioxide emissions is uncalled for, given its moral claim to a far greater share of the remaining global carbon budget. Since China, the U.S. and the EU collective, …

Acting on climate change, a $11 trillion opportunity for India: Report
3 years, 4 months ago

Acting on climate change, a $11 trillion opportunity for India: Report

The Hindu  

India must act now to prevent the country from losing $35 trillion in economic potential over the next 50 years due to unmitigated climate change, a new report from the Deloitte Economics Institute has said. The report, titled 'India's turning point: How climate action can drive our economic future', also reveals how the country could gain $11 trillion in economic …

How India can be a $11 trillion economy by 2070 from positive climate action
3 years, 4 months ago

How India can be a $11 trillion economy by 2070 from positive climate action

Hindustan Times  

India can gain $11 trillion in economic value over the next 50 years by limiting rising global temperatures and realising its potential to ‘export decarbonisation’ to the world, a new study by Deloitte Economics Institute shows. India could use the transition to a low-emission footing to restructure its economy towards growth in advanced industrial sectors, leveraging lower cost clean energy …

UN's New Climate Change Report: Why It's Important & What It Means for India
3 years, 5 months ago

UN's New Climate Change Report: Why It's Important & What It Means for India

The Quint  

"For India, the predictions in this report mean people labouring in longer and more frequent heat waves, warmer nights for our winter crops, erratic monsoon rains for our summer crops, destructive floods and storms that disrupt power supply for drinking water or medical oxygen production," said Ulka Kelkar, director, climate program, World Resources Institute India. Other climate experts spoke about …

Why your banking habits matter for the climate
3 years, 11 months ago

Why your banking habits matter for the climate

BBC  

Why your banking habits matter for the climate Javier Hirschfeld/Getty Images Where you invest your savings or put your pension can have a surprising impact on the environment What immediately comes to mind when thinking about the impact you have on the climate? Javier Hirschfeld/Getty Images While most people worry about how far they drive or fly, they often overlook …

Climate Change Tracker: 10 things we learned about climate change in 2020
4 years ago

Climate Change Tracker: 10 things we learned about climate change in 2020

Live Mint  

Reporting on climate change can be detrimental to your mental health. We’re inching ever closer to the 1.5 degree Celsius threshold, beyond which climate change impacts will begin to approach extremely dangerous levels. If that wasn’t bad enough, a new, independent report in mid-December stated that the world’s annual mean global temperature may hit the 1.5 degree Celsius mark faster …

Stocks week ahead: The climate crisis is looming large on Wall Street
4 years, 1 month ago

Stocks week ahead: The climate crisis is looming large on Wall Street

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. What’s happening: The European Central Bank said last week that it will start conducting “in-depth” assessments of how bank balance sheets account for climate risks in 2022. “Ensuring that banks’ balance sheets also reflect climate-related and environmental risks is a prerequisite not only for the resilience …

RBI Flags Concerns over Climate Change Impact on India's Farm Outlook
4 years, 4 months ago

RBI Flags Concerns over Climate Change Impact on India's Farm Outlook

News 18  

The Reserve Bank of India on Tuesday flagged concerns about impact of climate change, in terms of volatile rainfall intensity, increase in extreme events and rising temperature, having implications for India’s agriculture outlook. Amid these challenges, it said, agri and allied sector provided a “silver lining” in 2019-20 fiscal on the back of record foodgrains and horticulture production, coupled with …

Climate Change Tracker: India’s first ever climate change assessment
4 years, 6 months ago

Climate Change Tracker: India’s first ever climate change assessment

Live Mint  

For the first time, India has released its own national report on the state of the climate crisis. Prepared under the aegis of the ministry of earth sciences, the report, Assessment Of Climate Change Over The Indian Region, takes a close look at where we stand regarding long-term changes in climate patterns, and their attendant risks. The big revelation is …

Opinion | India Inc should be at the forefront of the climate war
4 years, 11 months ago

Opinion | India Inc should be at the forefront of the climate war

Live Mint  

Climate change is one of the top issues for the policymakers, investors and chief executives gathered in Davos for the 50th World Economic Forum. In addition, firms must also evaluate their vulnerability to climate and resource risks, including energy and water dependence, and supply chain exposures. Effective climate strategies must also include meaningful and regular engagement with supply chains to …

India is the fifth most vulnerable to climate change fallout, its poor is the worst hit
5 years, 1 month ago

India is the fifth most vulnerable to climate change fallout, its poor is the worst hit

Firstpost  

India’s ranking fluctuates but it has one of the five highest economic losses due to climate change. India had the most deaths in 2018 due to extreme weather events caused by climate change — cyclones, heavy rainfall, floods and landslides — found the 15th edition of the Global Climate Risk Index 2020 prepared by Bonn-based think-tank Germanwatch. Overall, India’s economic …

Most banks fail on policies of climate change, human rights; inaction leaves sector vulnerable to investment risks: Report
5 years, 3 months ago

Most banks fail on policies of climate change, human rights; inaction leaves sector vulnerable to investment risks: Report

Firstpost  

As per the Fair Finance Guide India scorecard, three out of eight Indian banks have scored high on parameters of financial inclusion and corruption. New Delhi: Most Indian banks fail on policies of environment and human rights and this inaction leaves the Indian banking sector vulnerable to investment risks arising due to climate emergencies, according to the first edition of …

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