Press Release for Media at COP23 Efforts of National Bank for Agriculture & Rural Development (NABARD) in India
- The impacts of climate change are global, but countries like India are more vulnerable to it due to dependence of major population on agriculture, predominance of small and marginal farmers and rainfed farming system. India has set up ambitious emission reduction target and adopted towards low emission development pathways. India’s Nationally Determined Contributions aims to reduce emissions intensity of its GDP by 33 to 35 per cent by 2030 from 2005 level. India is running one of the largest renewable capacity expansion programmes in the world and aims for creating capacity of 175 GW of renewable energy by 2022. In order to build the climate change resilience and to follow low emission development, finance is one of the critical challenge.
- National Bank for Agriculture and Rural Development (NABARD) – development bank of India, has been supporting efforts of Government of India for addressing challenges emerging due to climate change. NABARD has balance sheet size of US 53.5 billion and its initiatives aims to fulfil its mandate for sustainable and equitable rural prosperity. NABARD is channeling and accelerating agriculture credit growth in India and has taken various policy and developmental initiatives to achieve the environmental sustainability. NABARD’s various projects and programmes including NRM initiatives, infrastructure finance, micro-finance initiatives are mainly focusing on resilience building and low emission development.
- Considering importance of resilience building Government of India created National Adaptation Fund as a central scheme in year 2015-16 and NABARD is implementing entity of the fund. The overall aim of the Fund is to support concrete adaptation activities which are not covered under ongoing activities through the schemes of Federal and Provincial Governments that reduce the adverse impact of climate change facing community, sector and States. Till date, a total of 22 projects with an outlay US$69.25 million has been sanctioned covering the vulnerable sectors of Water, Agriculture and Animal Husbandry, Forestry, Ecosystems, Biodiversity etc.
- NABARD has been making substantial efforts for accessing resources from international funding mechanisms to fulfil the need of climate finance.
- NABARD has been accredited as National Implementation Entity (NIE) for Adaptation Fund (AF) and Direct Access Entity (DAE) for Green Climate Fund (GCF) under UNFCCC. Under Adaptation Fund, 6 projects submitted by NABARD have been approved by Adaptation Fund Board (AFB) with an outlay of US $ 9.8 million against an overall country cap of US$ 10 million. NABARD, being a DAE of GCF, has achieved a milestone by getting approval of a project on “Ground water recharge and Solar Micro Irrigation to ensure food security and enhance resilience in vulnerable tribal areas of Odisha” from 16th GCF Board meeting. The project is approved with an outlay of US$ 166.29 million including GCF grant support of US$ 34.35 million whereas other financial resources would be provided by Government of Odisha and World Bank.
- Considering the importance of climate literacy and education, NABARD during 2017 successful took up water campaign, as a resilience building strategy, covering 100,000 villages in 250 most water stressed districts across 21 States of India. The campaign was not only able facilitate sensitization and awareness regarding the water conservation and management at grass root level, it also triggered community action for resource mapping and development of strategy for community action with public and private finance.
- NABARD is hosting two side events at COP23, as part of the India Pavilion. The first side event aims to deliberate on “Financing Climate Resilient Livelihoods in India” on 15th November 2017 between 10.30 to 12.30 hrs. The second side event viz. “NABARD-CEE outreach strategy for empowering Rural Communities for Climate Action” scheduled on 17th November 2017 (10.30 to 11.30 hrs) would deliberate on the lessons from the Water Campaign implemented by NABARD.