NABARD signs pact with ADB to facilitate Climate Action in India’s ANR Section

Current Context: The National Bank for Agriculture and Rural Development (NABARD) and the Asian Development Bank (ADB) have launched an initiative to facilitate climate action in India’s agriculture, natural resources, and rural development (ANR) sector.

• This initiative was launched on 18th December 2023.
• A Technical Support Unit (TSU) has been set up in NABARD with the partnership of the Bill and Melinda Gates Foundation (BMGF).
• The TSU will enable NABARD to address the challenges posed by climate change, particularly in the areas of agriculture and rural livelihood sectors in India.
• During the launch event, Shaji K V, Chairman of NABARD, highlighted that close to 55% of assets in the Indian Banking sector are prone to climate risks.
• He also mentioned that NABARD is committed to not just support rural financial institutions in India to identify and abate climate risks but also channel global pools of climate capital into India’s ANR sector.
• Intellecap Advisory Services Private Limited has been appointed to manage this Technical Support Unit.

Question:

Q.1 What is the purpose of the Technical Support Unit (TSU) set up in NABARD?
a. To facilitate climate action in India’s ANR sector
b. To address the challenges posed by climate change in agriculture and rural livelihood sectors in India
c. To manage the financial assets of NABARD
d. To research new agricultural techniques