Nabard and ADB jointly launch climate action initiative with tech support from Bill and Melinda Gates Foundation
Agriculture and Rural Development (Nabard) and Asian Development Bank (ADB) launched an initiative to facilitate climate action in India’s agriculture, natural resources, and rural development sector. Under this initiative, a Technical Support Unit has been set up in Nabard with the partnership of Bill and Melinda Gates Foundation to enable the agri lender to address the challenges posed by climate change, particularly in the areas of agriculture and rural livelihood sectors in India.
" Resilience is important since close to 55% of assets in the Indian banking sector is prone to climate risks" said Shaji K V, chairman, Nabard.
climate resilience since close to 55% of assets in the Indian Banking sector is prone to climate risks. He also mentioned, that “NABARD is committed to not just support rural financial institutions in India to identify and abate climate risks but also channel global pools of climate capital into India’s ANR sector.
At the same time, NABARD is also focussed on setting up a path to climate neutrality in its own operations.” Mio Oka, Director, Agriculture, Food, Nature, and Rural Development Sector Office, ADB and Srivalli Krishnan, Senior Program Officer, BMGF were also present during the launch event.
Intellecap Advisory Services Private Limited has been appointed to manage this Technical Support Unit. Intellecap has proven experience in on-ground management of large-scale programs in agriculture and other agri-allied sectors, with a climate adaptation as well as mitigation focus.
