logo
RBI Dy Guv pitches for enhanced global cooperation to tackle climate change

RBI Dy Guv pitches for enhanced global cooperation to tackle climate change

News185 days ago
Agency:
PTI
Pune, Jul 18 (PTI) RBI Deputy Governor M Rajeshwar Rao has called for enhanced global cooperation including technology transfer and R&D funding to deal with challenges posed by the climate change.
Stressing that no country can achieve net-zero in isolation, he said climate change is the quintessential global challenge and so the response.
Rao was speaking at the Conference on Green Infrastructure Finance at College of Agriculture Banking, RBI here recently.
'There is a requirement of enhanced global cooperation in this regard which must also extend to technology transfer, R&D funding, and skills development to enable development of technical expertise to identify, design, and structure bankable sustainable and green infrastructure projects," he said.
The Reserve Bank posted his speech on its website on Friday.
The Deputy Governor said that the focus needs to shift from project-based finance to overall market development with policy reforms, development of a project pipeline, and consistent regulatory frameworks, creating systemic conditions for fostering sustainable and green infrastructure finance.
'There is also requirement for Multilateral Development Banks (MDBs), Development Financial Institutions (DFIs), National Development Banks (NDBs) and Vertical Climate and Environmental Funds (VCEFs) to harmonise approach and operations and enable joint funding to enable shift from being direct lenders to catalytic partners and bring in economies of scale in sustainable and green infrastructure projects financing," Rao said.
He further said the international financial architecture also needs to be reoriented toward sustainability.
The de-risking of sustainable and green infrastructure can work best when national, local, and multilateral institutions co-invest, signalling policy credibility and technical robustness, Rao said.
He emphasised that MDBs and global climate funds may need to revisit their governance structure to reflect the voice of recipient countries, particularly the global south and not just donor countries.
'Innovative financial instruments such as debt-for-climate swaps and climate-resilient debt clauses must also be scaled up to create fiscal space for green investments," he said.
The Reserve Bank of India, he said has been proactive in its resolve to facilitate creation of a robust ecosystem wherein the assessment and mitigation of climate change risks are fostered and its impact on the economy and financial system is curtailed.
Rao emphasised that the scale of the impact of events arising out of climate change requires sizeable investments in technology and scale of finance to both build resilience and enable mitigation.
As per OECD report, the investment required for green and sustainable infrastructure is estimated at USD 3-5 trillion per year until 2050. PTI NKD ANU
view comments
First Published:
July 18, 2025, 18:30 IST
Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump warns of 'higher tariffs' if countries fail to open markets to US products
Trump warns of 'higher tariffs' if countries fail to open markets to US products

India Today

time25 minutes ago

  • India Today

Trump warns of 'higher tariffs' if countries fail to open markets to US products

US President Donald Trump has once again warned that countries refusing to open their markets to American products will face even higher tariffs. On Wednesday, several nations, including South Korea, rushed to finalise trade agreements with the US before the August 1 negotiation a strongly worded post on his social media platform Truth Social, Trump stated, "I WILL ONLY LOWER TARIFFS IF A COUNTRY AGREES TO OPEN ITS MARKET. IF NOT, MUCH HIGHER TARIFFS! Japan's Markets are now OPEN (for first time ever!). USA BUSINESSES WILL BOOM!"advertisementHis post came just a day after he announced a new trade deal with Japan, which includes a 15 percent "reciprocal" tariff on Japanese goods entering the United States. This new rate is 10 percentage points lower than what had previously been announced. According to Trump, Japan will invest USD 550 billion in the US, with 90% of the profits going to the United GREAT POWER OF TARIFFS: TRUMPTrump also defended his use of tariffs as a negotiation tool. In another post, he wrote: "Another great power of Tariffs. Without them, it would be impossible to get countries to OPEN UP!!! ALWAYS, ZERO TARIFFS TO AMERICA!!!" The president has been arguing that tariffs help create leverage in international trade talks, forcing other countries to remove trade barriers and give US businesses a fair shot in foreign markets. According to Trump, the goal is always to eliminate tariffs altogether—but only when other nations do the approach is putting pressure on countries like South Korea, which is working to avoid the harsh consequences of US tariffs. The Korean government is particularly concerned about proposed 25 percent reciprocal tariffs, as well as separate duties on steel, aluminium, and automobile exports. These sectors form the backbone of South Korea's economy, which heavily relies on House Press Secretary Karoline Leavitt backed Trump's remarks during a press briefing. She said, "If not, they will continue to face tariffs and pay a steep price to do business in the United States of America, which remains the best market on the face of the planet."- EndsTune InMust Watch

Home buyers fraud: ED secures custody of 2 Ramprastha Group directors
Home buyers fraud: ED secures custody of 2 Ramprastha Group directors

News18

time34 minutes ago

  • News18

Home buyers fraud: ED secures custody of 2 Ramprastha Group directors

Gurugram, Jul 23 (PTI) The Directorate of Enforcement (ED) on Wednesday secured two-day custody of Sandeep Yadav and Arvind Walia, promoters of Haryana-based realty company Ramprastha Group, in connection with a money laundering probe linked to an alleged Rs 1,100 crore fraud with homebuyers. The two were arrested on Monday after the Gurugram zonal office of the federal probe agency raided three premises in Delhi and Gurugram, including those of the directors, early morning on that day. Yadav and Walia are directors and majority shareholders in Ramprastha Promoters and Developers Pvt Ltd (RPDPL). They were taken into custody under the Prevention of Money Laundering Act (PMLA). The federal probe agency produced the two in the court of an additional session judge, following which the ED secured their custody. The agency conducted a survey against the group in September 2024. It is alleged that the RPDPL collected about Rs 1,100 crore from more than 2,000 homebuyers for various housing schemes like Project Edge, Project Skyz, Project Rise and Ramprastha City (plotted colony project) in various sectors of Gurugram during 2008-11. The possession of the flats or plots is yet to be given, even after 15-20 years, the sources said. Earlier this month, the agency attached colonies and plots spread across more than 1,900 acres and worth over Rs 681.54 crore of the group in Gurugram as part of this investigation. The money laundering case stems from multiple FIRs filed by the Economic Offences Wing (EOW) of the Delhi and Haryana Police based on complaints of numerous homebuyers against RPDPL and its promoters, like Yadav, Walia and Balwant Chaudhary for their 'failure" to deliver promised flats and plots within the promised timeframes, the ED had said in a statement. The company and its promoters 'diverted" the funds sources from buyers of these projects to its group companies as advances for the purchase of land parcels, instead of using them for completion of promised homes, it had said. PTI COR AMJ AMJ AMJ (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 24, 2025, 00:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

India-UK Free Trade Deal: Whisky, cars from Britain to get cheaper; tariff cut on cosmetics, medical devices, more
India-UK Free Trade Deal: Whisky, cars from Britain to get cheaper; tariff cut on cosmetics, medical devices, more

Mint

time37 minutes ago

  • Mint

India-UK Free Trade Deal: Whisky, cars from Britain to get cheaper; tariff cut on cosmetics, medical devices, more

India and the UK will sign a free trade agreement on Thursday during Prime Minister Narendra Modi's visit to London. The free trade deal, when formalised, will make it cheaper to export labour-intensive goods like leather, footwear, and clothing, while also reducing import costs for whisky and cars from Britain. The pact also helps double trade between the two economies to USD 120 billion by 2030. According to Reuters, India will be reducing tariffs on nearly 90 per cent of the UK goods. This means that whisky and gin levy will fall from 150 per cent to 75 per cent, then to 40 per cent in a decade. Cars from Britain are also likely to get cheaper as the automobile tariff will likely fall from 100 per cent-plus to 10 per cent under quota Cosmetics, medical devices, salmon, chocolates, and biscuits will face lesser tariffs. The UK to offer duty-free access to 99 per cent of Indian items, according to the Indian commerce ministry, covering nearly 100 per cent of trade value. Indian exports of textiles, footwear, gems and jewellery, furniture, auto parts, chemicals, machinery, and sports goods are likely to face zero duties in the UK, down from the current 4 per cent to 16 per cent. According to the Indian commerce ministry, assured access will be provided in the UK to business visitors and contractual service providers as well as to yoga instructors, chefs and musicians for temporary stay. Indian workers working temporarily in the UK and their employers will be exempted from paying social security contributions in the UK for three years, with savings estimated at about ₹ 40 billion ($463 million) annually, Reuters reported. India will allow British suppliers to bid for non-sensitive federal government procurement tenders, with a threshold set at ₹ 2 billion. The deal will give UK businesses access to India's public procurement market, comprising about 40,000 tenders with a value of about 38 billion pounds a year, according to UK government estimates.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store