NABARD released its Climate Strategy 2030 document

Current Context: The National Bank for Agriculture and Rural Development (NABARD) unveiled its Climate Strategy 2030 document on World Earth Day.

• This comprehensive strategy aims to address India’s escalating need for green financing.
• Despite the pressing demand, where India requires approximately US$ 170 billion annually to reach a cumulative total of over US$ 2.5 trillion by 2030, current green finance inflows are critically insufficient.
• As of 2019-20, India garnered about US$ 49 billion in green financing, merely a fraction of what is needed.
• With the majority of funds earmarked for mitigation, only US$ 5 billion was allocated towards adaptation and resilience.
• NABARD’s Climate Strategy 2030 is structured around four key pillars to address this demand:
• Accelerating Green Lending across sectors
• Playing a broader Market-Making Role
• Internal Green Transformation of NABARD
• Strategic Resource Mobilization
• This strategic initiative not only reinforces NABARD’s commitment to environmental stewardship but also positions it as a pivotal player in India’s transition towards a resilient and sustainable economy.

Question:

Q.1 What is the purpose of NABARD’s Climate Strategy 2030?
a. To promote agricultural development
b. To address India’s need for green financing
c. To reduce carbon emissions
d. To promote renewable energy sources