RBI Governor: India Leading the Way in Funding Green Energy Initiatives

India is leading the charge in financing renewable energy projects by designating them as part of “priority sector lending,” a move aimed at bolstering the country’s shift towards a low-carbon economy in response to climate change challenges. At a policy seminar, RBI Governor Sanjay Malhotra detailed the central bank’s approach, noting that it facilitates credit for various renewable initiatives, including solar, biomass, and micro-hydel projects. Malhotra emphasized the importance of understanding climate-related financial risks and the need for enhanced data collection, outlining the establishment of the Reserve Bank – Climate Risk Information System (RB-CRIS) to address gaps in climate data. He also highlighted the central bank’s efforts in fostering green finance through innovative solutions via initiatives like the Regulatory Sandbox and proposed “Greenathon.” With evolving international standards for climate-related disclosures, the RBI is actively working on guidelines to help regulated entities better manage climate risks.

RBI Governor: India Leading the Way in Funding Green Energy Initiatives

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