NABARD to harness global climate capital for Indian agriculture sector

The National Bank for Agriculture and Rural Development (NABARD) has collaborated with the Asian Development Bank (ADB) to assist the agricultural sector in dealing with the adverse effects of climate change. With support from the Bill and Melinda Gates Foundation, both organizations will utilize climate funds to finance initiatives in Agriculture, Natural Resources, and Rural Development (ANR).

The objective of this collaboration is to enhance food security and climate financing in India's ANR sector. NABARD will receive support in formulating climate finance policies and for its adoption. According to Shaji KV, the Chairman of NABARD, "With the support of the Bill and Melinda Gates Foundation, NABARD will establish a Technical Support Unit (TSU) internally to address the challenges posed by climate change, especially in the agriculture and rural livelihood sectors in the country.

He stated that tackling climate challenges should be a top priority, highlighting that approximately 55% of the country's banking sector assets are exposed to climate risks. He mentioned, "With ADB's expertise and reach, we aim to globally mobilize financial resources to identify and mitigate climate risks in the ANR sector. Read More.. Mandi Prices