✅The cumulative total expenditure for adapting to climate change in India is estimated to reach ₹85.6 lakh crore (at 2011-12 prices) by 2030.
✅It is being said in the Reserve Bank of India’s (RBI) Department of Economic and Policy Research (DEPR) Report on Currency & Finance 2022-23.
● Key highlights:
✅The theme of the report is ‘Towards a Greener Cleaner India’.
✅India’s goal of achieving the net zero target by 2070 would require an accelerated reduction in the energy intensity of GDP by about 5% annually.
✅It will also need a significant improvement in its energy-mix in favour of renewables to about 80% by 2070-71
✅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
✅The financial system may have to mobilise adequate resources and also reallocate current resources to contribute effectively to the country’s net-zero target
✅Results of a climate stress-test reveal that public sector banks (PSBs) may be more vulnerable than private sector banks.
✅Globally, however, measurement of climate-related financial risks remains a work in progress.
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