‘Adapting to climate change to cost India ₹85.6 lakh crore by 2030’
1 year, 7 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 gap caused by climate events, and the financial system may have to mobilise adequate resources and also reallocate current resources to contribute effectively to the country’s net-zero target., it added. “A pilot survey of key stakeholders in the financial system in India suggests that notwithstanding rising awareness about climate risks and their potential impact on the financial health of entities, risk mitigation plans are largely at the discussion stage and yet to be widely implemented,” the RBI’s policy researchers added. A balanced policy intervention with progress ensured across all policy levers would enable India to achieve its green transition targets by 2030, making the net zero goal by 2070 attainable, it further said.

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History of this topic

Climate change is now a real and pressing economic threat
1 day, 5 hours 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
3 weeks 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
4 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 …

COP29 raises climate finance to $300 billion a year, India says 'optical illusion'
1 month ago

COP29 raises climate finance to $300 billion a year, India says 'optical illusion'

India Today  

After a complex negotiation at the climate finance in Baku during COP 29, countries adopted a $300 billion a year global finance target on Sunday to help poorer nations cope with the impacts of climate change. As per the final official draft by UNFCC, the central focus of COP 29 was on bringing together nearly 200 countries in Baku and …

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

Climate finance: Deploy the Loss and Damage Fund with care
1 month ago

Climate finance: Deploy the Loss and Damage Fund with care

Live Mint  

The urgency of climate adaptation has never been more apparent. By aligning L&D resources with the National Action Plan on Climate Change, India can enhance its ability to manage and disburse global investments effectively. L&D funding could significantly bolster India’s financial capacity for climate action, fostering resilience and supporting its transition to a low-carbon economy. India must secure commitments from …

India calls out developed countries over stalled progress on climate issues at COP29
1 month, 1 week ago

India calls out developed countries over stalled progress on climate issues at COP29

Live Mint  

New Delhi: At the ongoing 29th Conference of the Parties climate conference in Azerbaijan's capital Baku, India expressed dissatisfaction with the insistence of developed countries to expand the scope of the Mitigation Ambition and Implementation Work Programme from what was agreed upon in the past. India, on behalf of like-minded developing countries, on Thursday said that developed countries need to …

India pitches for $1.3 trillion in annual climate support for developing nations
1 month, 1 week ago

India pitches for $1.3 trillion in annual climate support for developing nations

Live Mint  

Intervening on behalf of like-minded developing countries, India said that developed countries need to commit to provide and mobilise at least $1.3 trillion every year in the New Collective Quantified Goal till 2030. Developing countries require up to $1.5 trillion a year for their unique climate needs and net zero transition, according to various estimates. Also Read: COP29 stresses global …

RBI can expect climate risks to emerge as important policy inputs
1 month, 1 week 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's push for $1 trillion in climate finance to take centre stage at COP29
1 month, 2 weeks ago

India's push for $1 trillion in climate finance to take centre stage at COP29

India Today  

With just days left until the United Nations Climate Change Conference begins in Azerbaijan, negotiators have yet to clearly outline a deal for a new climate finance goal. India has emphasised that developed nations need to provide at least $1 trillion annually for climate finance, as stated in the G20 New Delhi Declaration. The new financing goal will support developing …

Asia-Pacific risks growth amid climate crisis: ADB
1 month, 3 weeks ago

Asia-Pacific risks growth amid climate crisis: ADB

China Daily  

A view of CBD area in Beijing on June 20, 2023. Rising sea levels and falling labor productivity would slash growth in the Asia-Pacific region, which needs an annual investment of at least $102 billion in the next five years for adaptation measures to help offset the huge economic losses brought by climate change, the Asian Development Bank said on …

Can Kerala access funds from the Loss and Damage Fund? | Explained
3 months, 2 weeks ago

Can Kerala access funds from the Loss and Damage Fund? | Explained

The Hindu  

The story so far: In the wake of the devastating landslides that recently struck Kerala’s Wayanad district, a crucial conversation has emerged around whether subnational entities can seek compensation through the United Nations Framework Convention on Climate Change ’s Loss and Damage Fund. Within India, there is an urgent need for a clear legal and policy framework to streamline climate …

India provided more climate funds than many rich nations; US, UK failed to contribute fair share: Report
3 months, 2 weeks ago

India provided more climate funds than many rich nations; US, UK failed to contribute fair share: Report

India TV News  

New Delhi: India contributed USD 1.28 billion in climate finance through multilateral development banks in 2022, surpassing the contributions of many developed countries, according to a new analysis. India provided USD 1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece, Portugal, Ireland and …

India mustn’t lose time on a climate finance taxonomy
4 months, 4 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
5 months, 3 weeks 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 …

RBI’s proposal for a disclosure framework to ascertain climate-related financial risks | Explained
9 months, 1 week 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?
10 months, 3 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 …

After Dubai, the race against the climate crisis
1 year ago

After Dubai, the race against the climate crisis

Hindustan Times  

The Climate Conference of Parties is over — until the next one. Although the loss and damage fund was operationalised on the very first day, the sums pledged represent around 0.2% of the annual losses faced by developing countries due to the climate crisis. The final text refers to transitioning away from fossil fuels in a just, orderly and equitable …

Fund to compensate developing nations for climate change is unfinished business at COP28
1 year, 1 month ago

Fund to compensate developing nations for climate change is unfinished business at COP28

Associated Press  

NEW DELHI — Sunil Kumar watched helplessly in July as his home and 14 others were washed away by intense monsoon rains lashing the Indian Himalayas. Developing nations had long sought to address the problem, and finally broke through with an agreement at last year’s annual United Nations climate talks, known as COP27, to create what’s known as a loss …

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, 2 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, 3 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 …

Data | Climate finance adds another layer of inequity to climate change
1 year, 4 months ago

Data | Climate finance adds another layer of inequity to climate change

The Hindu  

In the last few years, climate justice activists have been campaigning for the world’s economically developed countries to raise their investments in climate adaptation and mitigation, including paying for other countries’ abilities to deal with the effects of climate change. Countries in Sub-Saharan Africa, Latin America, and South Asia have historically contributed the least to global warming; yet, they are …

Climate change: Delhi may suffer losses of ₹2.75 trillion by 2050
1 year, 5 months ago

Climate change: Delhi may suffer losses of ₹2.75 trillion by 2050

Live Mint  

The draft action plan on climate change has projected that the national capital may suffer losses of ₹2.75 trillion by 2050 due to the impacts of climate change, with changes in precipitation and temperature patterns posing significant threats to the lives of the most vulnerable populations. "At an aggregate level, the total cost of climate change for Delhi by mid …

Over-emitting nations owe India $1,446 per capita until 2050 as climate compensation: study
1 year, 6 months ago

Over-emitting nations owe India $1,446 per capita until 2050 as climate compensation: study

The Hindu  

Economically developed countries such as the U.S. and Germany are responsible for 90% of the excessive carbon dioxide emissions and could be liable to pay a total of $170 trillion as compensation to low-emitters like India to ensure climate change targets are met by 2050, says a a new study. `Net zero’ by 2050 The researchers, from the University of …

Economic growth faces risks from weather, geopolitics, global financial conditions: finance ministry
1 year, 7 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 …

The critical role of financed emissions in India’s path to net-zero
1 year, 8 months ago

The critical role of financed emissions in India’s path to net-zero

Hindustan Times  

As governments, corporations and individuals across the globe begin to grapple with the realities of climate change, the world will increasingly look to financial institutions as gateways to a greener economy. Perhaps the most important reason to understand financed emissions, from a practical standpoint, is the regulatory pressure that banks will face from bodies like RBI and SEBI to disclose …

U.N. panel calls for rapid action against climate change to secure a liveable future
1 year, 9 months ago

U.N. panel calls for rapid action against climate change to secure a liveable future

The Hindu  

Climate change is a threat to human well-being and planetary health and there is a rapidly closing window of opportunity to secure a liveable and sustainable future for all, the Intergovernmental Panel on Climate Change said in a report on March 20, 2023. “Mainstreaming effective and equitable climate action will not only reduce losses and damages for nature and people, …

India set to issue rules on climate risk and sustainable finance
1 year, 10 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 …

Economic Survey 2022-23 | India needs global finance to achieve climate goals
1 year, 10 months ago

Economic Survey 2022-23 | India needs global finance to achieve climate goals

The Hindu  

For India to meet its international “obligations” on curtailing greenhouse gas emissions, it must have access to “on-time” climate finance, technology, and access to critical minerals. Advanced economies ought to set examples of policy and “behavioural changes” that work in their countries and only then could they be emulated in developing countries, the Economic Survey said on Tuesday in a …

COP27 and the ambiguity about responsibility
2 years ago

COP27 and the ambiguity about responsibility

The Hindu  

This year, at COP27 in Egypt, a dizzying array of topics was on the table for discussion — from the more familiar emissions reductions to the more detailed rules to govern carbon markets. And as scientists today are able to attribute these events to climate change, and derivatively, to greenhouse gas emissions, developing countries maintain that developed countries should inherit …

India @COP27: Why Development & Not Climate Finance Should Be Govt's Top Agenda
2 years ago

India @COP27: Why Development & Not Climate Finance Should Be Govt's Top Agenda

The Quint  

The relevant decision text notes that the Conference of Parties ‘establish a fund for responding to loss and damage whose mandate includes a focus on addressing loss and damage.' To further restrict the recipient of the Fund, COP agreed to establish the new funding arrangements “for assisting developing countries that are particularly vulnerable to the adverse effects of climate change”. …

Attempts being made to forget rich nations' historical contribution: India at COP27
2 years, 1 month ago

Attempts being made to forget rich nations' historical contribution: India at COP27

The Hindu  

Rich nations are making a push to include language such as "major emitters and "top emitters" in the cover text of the ongoing UN climate summit in Egypt which is not acceptable to India, a member of the Indian delegation said. Developed countries want that all top emitters, particularly the top 20 including India and China, make intense emission cuts …

Behind the smokescreen around private climate finance
2 years, 1 month ago

Behind the smokescreen around private climate finance

The Hindu  

Over the last few years, developed countries have insisted upon two points on the issue of climate finance. The OECD 2020 data, however, shows that the mobilisation of private climate finance has underperformed against the expectations of developed countries falling short by 60 percentage points, $13.1 billion in 2020 against $33 billion in the road map. Further, although many developed …

COP27 | India insists on higher global climate finance target by 2024
2 years, 1 month ago

COP27 | India insists on higher global climate finance target by 2024

The Hindu  

Developing countries require substantive enhancement in climate finance from the floor of $100 billion per year to meet their ambitious goals and rich countries need to lead the mobilisation of resources, India has stressed at the ongoing UN climate summit COP27. At COP15 in Copenhagen in 2009, developed countries had committed to jointly mobilise $100 billion per year by 2020 …

COP27: Getting back to Net Zero; International Monetary Fund lists three key priorities for climate mitigation
2 years, 1 month ago

COP27: Getting back to Net Zero; International Monetary Fund lists three key priorities for climate mitigation

Firstpost  

This year’s COP27 summit will be even more crucial in the backdrop of several extreme weather events – typhoons in Bangladesh, unprecedented floods in Pakistan, heatwaves in Europe, wildfires in North America, dry rivers in China, and droughts in Africa New Delhi: The 27th session of the Conference of the Parties of the UNFCCC or COP27 will be held at …

India needs climate action targets for next 10 years
2 years, 3 months ago

India needs climate action targets for next 10 years

Live Mint  

Climate change is one of the most important problems we face. India’s strategy for managing climate change: The major targets in our strategy for managing climate change were announced at CoP-26 in Glasgow last year. A strong India decoupling from emerging peers How Enam AMC’s Jiten Doshi picks stocks How Russia snapping gas line to EU affects India For women’s …

India showing intent to solve problems despite not traditionally contributing to emissions, says Environment Minister
2 years, 3 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, 4 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, 4 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 …

Work towards a robust climate action now
2 years, 8 months ago

Work towards a robust climate action now

Hindustan Times  

We are in the middle of a global climate emergency that affects every aspect of our lives and civilisation. As greenhouse gas emissions continue to rise despite widely promised climate action by the world’s biggest carbon polluters, a global warming increase of 1.5°C above pre-industrial levels, a target set by world leaders when the Paris Agreement was signed in 2015, …

Explained | What are the takeaways from the latest IPCC report on climate change?
2 years, 8 months ago

Explained | What are the takeaways from the latest IPCC report on climate change?

The Hindu  

The story so far: In its latest assessment report, the Intergovernmental Panel on Climate Change has laid out several scenarios on the steps that ought to be taken to keep temperatures below 2°C. According to the scientists, limiting warming to around 1.5°C requires global greenhouse gas emissions to peak before 2025 at the latest and be reduced by 43% by …

As Heat Turns Up On Climate Debate, India Stresses Fair Share in Carbon Budget, Says IPCC Backs Its Stand
2 years, 8 months ago

As Heat Turns Up On Climate Debate, India Stresses Fair Share in Carbon Budget, Says IPCC Backs Its Stand

News 18  

India welcomes the latest Intergovernmental Panel on Climate Change report, which fully supports the country’s view on the necessity of climate finance for developing countries, Union minister for environment forests and climate change Bhupender Yadav said on Tuesday. It has also noted the failure of developed countries to provide climate finance of $100 billion per year till 2020, that they …

IPCC report endorses India’s position on climate finance: Environment Minister
2 years, 8 months ago

IPCC report endorses India’s position on climate finance: Environment Minister

The Hindu  

The Monday report by the Intergovernmental Panel on Climate Change endorses India’s position on the need for scale, scope and speed in climate finance, Environment Minister, Bhupender Yadav said in a prepared statement on Tuesday. Limiting global warming would require major transitions in the energy sector and would mean drastic reduction of fossil fuel use, widespread electrification, improved energy efficiency, …

The climate crisis worsens
2 years, 9 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 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 …

Budget 2022-23 focusses on climate change, talks of transition to 'carbon neutral' economy | Details
2 years, 10 months ago

Budget 2022-23 focusses on climate change, talks of transition to 'carbon neutral' economy | Details

India TV News  

Highlights In the Union Budget, Rs. Union Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2022-23 wherein she announced that Rs. She stressed that Public investment must continue to take the lead and pump the private investment and demand in 2022-23 and therefore the outlay for capital expenditure in the Union Budget is being stepped up sharply by …

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

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