RBI Publishes 2022-23 ‘Currency and Finance’ Report with Focus on Climate Change

Dimensions of climate change addressed in RBI report

The Reserve Bank of India (RBI) recently released a report for the fiscal year 2022-23, with a focus on sustainable growth and reducing carbon emissions. The report addresses the four critical aspects of climate change, including its macroeconomic impacts, financial stability implications, and strategies to mitigate climate risks.

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India’s green financing requirement estimated to be 2.5% of GDP annually till 2030.

According to the report, India requires a minimum of 2.5% of GDP annually until 2030 for green financing. India has taken significant steps towards achieving its climate targets and has been ranked the best among G-20 countries in the Climate Change Performance Index for 2023. India aims to achieve net-zero emissions by 2070, which would require a reduction of around 5% annually in the energy intensity of GDP and an 80% improvement in the energy mix in favor of renewables by 2070-71.

RBI emphasizes significant improvement in energy mix to attain net-zero goal by 2070.

The RBI emphasized the need for a balanced policy intervention, enabling India to achieve its green transition targets by 2030 and ultimately attain the net-zero goal by 2070. It highlighted the significance of progress across all policy levers to ensure a successful transition to a greener and cleaner India.

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