The bank also plans to boost its private sector operations to attract more private sector capital to finance new climate technologies and innovations, using $12 billion from its balance sheet
Indian banks need to move away from financing fossil fuels projects and prioritise lending to renewable energy and other environmentally sustainable projects
India has on multiple international, reiterated that the developed countries, the rich nations, must provide finance for the poor countries
But climate groups said the promise made in the summit's final communique lacked detail and the developed nations should be more ambitious in their financial commitments
The aim: ensure banks and insurers across the globe adhere to "climate-responsible financing", thereby making it costlier for India and China to finance their fossil fuel needs
The Asian Development Bank has called access to climate finance a key priority for Asia and the Pacific as governments design and implement a green and resilient recovery from the coronavirus
This will be imperative to drive strong and sustainable recovery packages, ambitious climate action plans, and accelerated progress
Understanding the realities of climate finance is key to agreement on strategies to combat global warming
India is taking ambitious adaptation and mitigation actions by increasing energy efficiency and making greater use of renewables, says Anil Madhav Dave