Ms Raji Gain, Chief General Manager, NABARD highlighted how climate finance is making impact on livelihoods of farmers and resource poor people in India.
Topic: Financing Climate Resilient Livelihoods in India
- NABARD anchored a side event titled “Financing climate resilient livelihoods on 15.11.2017 at COP23, as part of the India Pavilion. The event aimed to deliberate on issues related to Financing Climate resilient livelihoods in public and private sectors and various innovative models for financing.
- National Bank for Agriculture and Rural Development (NABARD) – development bank of India, has been supporting efforts of Government of India for addressing challenges emerging due to climate change. Considering importance of resilience building, Government of India created National Adaptation Fund for Climate Change (NAFCC) as a central scheme in year 2015-16 and NABARD is implementing entity of the fund.
- NABARD is accredited as National Implementation Entity (NIE) for Adaptation Fund (AF) and Direct Access Entity (DAE) for Green Climate Fund (GCF).
- The first speaker Ms. Raji Gain, Chief General Manager, NABARD highlighted how climate finance is making impact on livelihoods of farmers and resource poor people in India. She gave an overview of Climate Change projects under Adaptation Fund and Green Climate Fund and also National Adaptation Fund for Climate Change, which has been created out of NABARD profits. Mr. Ashish Chaturvedi, GIZ explained, how community involvement at district level and block level is essential for vulnerability assessment and emphasized that climate proofing of development projects is essential. Dr Deepak Dasgupta, Distinguished Fellow at TERI, New Delhi highlighted the importance of innovative technologies and explained how financing for micro-irrigation is helping the farmers in India to increase the agricultural production and productivity. He explained the focus of TERI on provinces in Peninsular India as they are most vulnerable from climate change perspective. Martina Dorigo, Adaptation Fund Board Secretariat explained about Regional and sectoral approach for climate investments. She emphasized the necessity of adaptation and the need of innovations in climate finance. Dinesh Pruthi, SBI, highlighted inclusive areas being considered by SBI for green finance. He explained how the largest bank in India is financing the needs of 10 million agricultural borrowers for the projects in drip irrigation, solar water pumps and aquaculture and also about the concessional finance being given for women borrowers and capacity building done through CSR funds. Ms. Rita Roy Choudhury, Assistant Secretary General, FICCI expressed that the interconnections between the private sector and financial institutions were important. She emphasized need of opening up of capital markets to climate finance in India and the requirement of policy advocacy for the same. Mr Manish Chaurasia, MD, Tata Cleantech Capital Ltd. expressed that the private sector has to play important but subtle role for financing climate change projects. The need of mainstreaming adaptation with development and also the involvement of Insurance sector for climate related events was also explained.