Banks advised to orient to Green Finance
MNRE or Ministry of New and Renewable Energy is a ministry of the Government of India, which is engaged in research and development, intellectual property protection, and international cooperation, promotion, and coordination in renewable energy sources such as wind power, small hydro, biogas, and solar power.
The broad aim of the ministry is to develop and deploy new and renewable energy for supplementing the energy requirements of India. According to the ministry’s report, India has made significant advances in several renewable energy sectors which include, solar energy, wind power, and hydroelectricity.
Here is an article which reveals that the banks have in the recent years increased their participation under Green Finance. An RBI’s recent report of the survey on Climate Risk and Sustainable Finance reveals these facts and the banks are now slowly reducing exposure to high carbon emitting businesses.