As per the Reserve Bank of India’s (RBI) report on Currency and Finance (RCF) for the year 2022-23, India would require at least 2.5% of GDP annually until 2030 for green financing. The report addresses various areas such as the extensive and rapid impact of climate change, implications for financial stability, and policy choices to mitigate climate-related risks.
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India has set an objective to achieve net-zero emissions by 2070. According to the report, if the Central Bank Digital Currency (CBDC) or e-rupee is developed with environmentally friendly and socially responsible goals, it could prove to be a better alternative to other cashless methods.
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Policy options include a comprehensive decarbonization strategy encompassing all carbon-emitting sectors of the economy and policy levers, such as a carbon tax, technology support for non-fossil fuel, green hydrogen, carbon capture and storage, standards for energy efficiency, regulatory tweaks incentivizing flow of adequate resources for the green project, and adoption of energy-saving appliances at home and in business establishments.
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