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Building capacities to tackle climate-related risks and opportunities in India’s financial sectors: developing on the ambitions of the G20 and COP28

Time (GMT +00) 10:30 12:30
Image credit:Marko Mikkonen Image license:CC BY 2.0 DEED
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10:30 - 12:30 GMT/ 16:00 - 18:00 IST

In recent years, Indian financial institutions have started recognising the importance of accounting for the impact of low-carbon transition risks on their balance sheets or in their lending decisions. The Reserve Bank of India – India’s central bank – has been working on guidance to this end, which is expected to be released in the coming months.

Indian financial institutions are therefore developing their internal capacities to operationalise climate risk management in anticipation of these shifts; in turn, enhanced capabilities within India’s financial sector are creating an enabling environment for the regulator to issue robust guidance.

Two major summits have injected new momentum into India’s efforts to tackle climate-related transition risks. During the Indian G20 Presidency, the G20 Sustainable Finance Working Group initiated a Technical Assistance Action Plan to build capacity for sustainable finance tailored to local needs. And during COP28 in Dubai, a new Just Transition work programme was launched that will consider, among other issues, the role of the financial sector in delivering “maximum transition with minimum disruption” (to quote the COP28 UAE President, Dr Sultan Al-Jaber).

The India initiative on Climate Risks and Sustainable Finance will convene a panel comprising C-suite executives from three of India’s largest financial institutions and international experts in mobilising sustainable finance and managing climate risks. The panel will initially discuss the state-of-play within Indian financial institutions today and what they might need to assess and integrate climate risks into their decision-making processes; the panel will subsequently consider opportunities for peer learning and inter-operability with other jurisdictions.

Guest speakers and panellists include:

- Sally Taylor, Minister Counsellor for Development, Climate, Science, and Technology at the British High Commission, New Delhi

- Geetu Joshi, Economic Advisor, Ministry of Finance India

- Manish Kumar, Head of ESG and CSR, ICISI

- Jaicy Paul, Executive Vice President, SBI

- Ajith Kumar A, Vice President & Head - Market Risk and E&S at Federal Bank

- Ulrich Volz, Professor of Economics and Director of the Centre for Sustainable Finance at SOAS London