Green finance needs to be mobilized to fund projects: SBI chairman

Finance


Mumbai: State Bank of India Seeking to mobilize green finance from institutional and individual investors to fund green initiatives project.
“There is a need to mobilize domestic and foreign capital from institutional as well as individual investors to meet green finance needs and a robust climate-focused framework backed by central regulation,” he said. said. Dinesh Kara, SBI Chairman.
He was speaking at the SBI’s ‘Climate Change Finance and Risks’ seminar in New Delhi under the auspices of the Financial Services Department, Ministry of Finance.
Although India ranks 7th among the world’s most affected countries by climate change, a relatively small proportion of climate change capital flows into India (around 7%), according to Kaller. It says. The workshop was part of an industry-wide effort to find practical and impactful solutions to climate change.
“The steps India has taken to address climate change challenges have prompted banks to work together to develop policies to mobilize capital for mitigation and adaptation financing,” said Vivek of the Ministry of Financial Services. Secretary Joshi said. Joshi added that the financial sector is well positioned to help drive behavioral change and contribute to building a sustainable society.
Kaller said SBI aims to address financial risks arising from the environment in its overall risk management strategy for FY2024.
Embedding the green agenda into financing requires banks to finance less fossil fuel projects and more renewable energy projects.





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