“There is a need to mobilise domestic and international flows from retail as well as institutional investors to meet the green finance needs, and robust climate-focused frameworks backed by central regulations,” said Dinesh Khara, SBI chairman.
He was speaking at SBI’s seminar on ‘Climate Finance and Risk’ in New Delhi under the aegis of the finance ministry’s department of financial services.
According to Khara, although India ranks 7th among the world’s most affected by climate change, yet a relatively small share (around 7%) of climate capital flows into India. The workshop was part of an industry-wide effort to find practical and impactful solutions to climate change.
“The steps taken by India to address the climate change issue and urged banks to collaborate and create policies for mobilising capital towards mitigation and adaptation finance,” said Vivek Joshi, secretary, department of financial services. Joshi added that the financial sector is well positioned to incite behavioral change in corporates and contribute towards building a sustainable society.
SBI aims to accommodate environment-induced financial risks within its overall risk management strategy for FY24, Khara said.
Incorporating the green agenda into lending would require the bank to reduce the share of fossil fuel projects it finances and increase the share of lending to renewable energy projects.
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