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CLIMATE CHANGE AND FINANCE IN INDIA:
BANKING ON THE LOW CARBON INDIAN ECONOMY MAY 2010

CLIMATE CHANGE AND FINANCE IN INDIA:
BANKING ON THE LOW CARBON INDIAN ECONOMY

This report was commissioned by:

Knowledge partner:

TABLE OF CONTENTS
FOREW0RD EXECUTIVESUMMARY BACKGROUND SECTIONONE:CLIMATECHANGEANDINDIA'SRESPONSE
1.1CLIMATECHANGE-THESCIENCE 1.2CLIMATECHANGE-THEINTERNATIONALPOLICYRESPONSE 1.3CLIMATECHANGE-INDIA'SRESPONSE

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© The Climate Group First published in 2010 by The Climate Group All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior permission of The Climate Group. All content owned by their respective copyright owners. Reportcommissionedby: Indian Banks' Association The Climate Group Knowledgepartner: PricewaterhouseCoopers Forfurtherinformationonthereport,contact: NewDelhiOffice: The Climate Group c/o Incube Business Centre Level 3, Room No. 301 18, Nehru Place New Delhi 110 019, India Contact: Aditi Dass ADass@theclimategroup.org T: +91 (0)11 3061 4613 MumbaiOffice: Contact: Urvashi Devidayal UDevidayal@theclimategroup.org T: +91 (0)98 2150 7256 W W W. T H E C L I M A T E G R O U P. O R G Reportdesignedby: PIxELs & PULP | PIxELsANDPULP.COM

SECTIONTWO:BANKINGSECTORRESPONSETOCLIMATECHANGE
2.1BANKINGRESPONSETOCLIMATECHANGEININDIA 2.2COMMITMENTANDSENIORLEADERSHIPCHANGEININDIA 2.3MANAGEMENT 2.4MANAGINGCARBONEMISSIONS 2.5EXTERNALREPORTING 2.6INTERNALCOMMUNICATIONSANDEMPLOYEEENGAGEMENT 2.7ENABLERSFORCLIMATECHANGEACTIVITIES 2.8PERCEIVEDBARRIERSTOCLIMATECHANGEACTIVITIES 2.9INNOVATIONANDACTION

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SECTIONTHREE:CONCLUSIONSANDOPPORTUNITIESFORFURTHERACTION
3.1MANAGINGOPERATIONALEMISSIONS 3.2INTEGRATINGCLIMATECHANGEISSUESANDBUSINESSACTIVITIES 3.3BROADERENGAGEMENTWITHSTAKEHOLDERS

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APPENDICES
APPENDIX1:GLOBALFRAMEWORKSANDSUPPORTONCLIMATECHANGEFORTHEFINANCESECTOR APPENDIX2:QUESTIONNAIREONCLIMATECHANGEACTIVITIESINTHEINDIANBANKINGSECTOR APPENDIX3:FURTHERRESOURCES

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ACKNOWLEDGMENTS

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FOREWORD

Moving to a prosperous low carbon economy can drive innovation, increase productivity and generate new wellpaid jobs. However, to achieve this, significant new investment will need to be found and, though government can provide the necessary incentives, it will be the private sector that will provide the bulk of this investment. Climate change is a significant issue for India. But while the effects of climate change are increasingly a risk to the health, economy and the environment of the country, economists are also recognizing that there are financial rewards from controlling climate change and developing a low carbon economy. Banks can provide important leadership for the required economic transformation that will provide new opportunities for financing and investment policies as well as portfolio management for the creation of a strong and successful low carbon economy. In this report we examine how banks can be catalysts for change. We discuss how banks are providing commitment and leadership in creating a low carbon economy and also the challenges to investment.

steve Howard CEO The Climate Group

suresh Prabhu Former Union Minister and Promoter Director The Climate Group, India

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EXECUTIVE SUMMARY

INDIAN BANKS: INVESTING IN A LOW CARBON ECONOMY
Economists are clear that substantial funding from the private sector is needed to achieve the level of investment required to control the effects of climate change. The World Bank estimates that the cost of mitigation in developing countries alone ranges from Us$140 billion to Us$175 billion annually until 2030. Although this is a great challenge, Indian banks are now in a strong...
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