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NABARD Climate Strategy 2030

  • Context (TH): On Earth Day, the National Bank for Agriculture and Rural Development (NABARD) unveiled its Climate Strategy 2030 document, which aims to address India’s need for green financing.
  • Key strategy pillars: Accelerating green lending across sectors, Broadening the market-making role, Internal green transformation, and Strategic resource mobilisation.

India’s need for green financing

  • India requires approx. $170 billion annually to reach a cumulative total of over $2.5 trillion by 2030.
  • As of 2019-20, India garnered only about $49 billion in green financing.
  • The majority focused on mitigation; only $5 billion was allocated towards adaptation and resilience.
  • Minimal private sector engagement in adaptation and resilience due to challenges in bankability and commercial viability was observed.

Sustainable practices examples from the Private sector

  • DLF: The only Indian real estate company featured in the Dow Jones Sustainability Index in the last three years. It is committed to water reduction & reuse and transplanting of mature trees.
  • Signature Group: EDGE-certified or IGBC gold-rated projects and reduced water usage by low-flow water faucets and toilets, rainwater collecting systems, and wastewater treatment and reuse facilities.
  • Remsons Industries: Received the Gold Medal in the Ecovadis Sustainability Assessment by showcasing exemplary performance in key areas such as Environment and Sustainable Procurement.

Indian Green Building Council (IGBC)

  • It is part of the Confederation of Indian Industry (CII), formed in the year 2001.
  • Vision: To enable a sustainable built environment for all and facilitate India to be one of the global leaders in the sustainable built environment by 2025.
  • EDGE (“Excellence in Design for Greater Efficiencies”) is free software, a green building standard, and an international green building certification system.
  • Ecovadis Sustainability Assessment is carried out by EcoVadis (a private company), which is the world’s largest and most trusted provider of business sustainability ratings.
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