Overview
Climate change has become real and tangible, affecting people’s lives worldwide. It is a major challenge for agriculture, food security and rural livelihoods. Intergovernmental Panel on Climate Change (IPCC) in its Sixth Assessment Report released in August 2021 has issued red alert for humanity due to climate change. For the vulnerable groups, climate change acts as a “risk multiplier” worsening existing social, economic, political, and environmental stresses. The IPCC Working Group II (WG II) has indicated that action on adaptation is urgently needed as urgently as action on mitigation.
The impacts of climate change are global, but countries like India are more vulnerable in view of the high population depending on agriculture, which in turn is dependent on the seasonal monsoons. India is confronted with the challenge of sustaining rapid economic growth amidst the increasing global threat of climate change. India has already shown its commitment to help address the global climate challenge and Government of India has accorded top priority for addressing climate change related concerns.
The Government formulated the National Action Plan on Climate Change (NAPCC) on June, 2008 that established 8 National Missions to reduce the vulnerability to the impacts of climate change through adaptation and mitigation measures. On the basis of NAPCC, State Governments and Union Territories have prepared State Action Plan on Climate Change (SAPCC). The SAPCCs are being revised by the States in line with India’s updated Nationally Determined Contribution (NDC) under Paris Agreement and emerging new scientific knowledge.
Climate change is a complex policy issue with major implications in terms of finance. All actions and solutions to address the adverse impact of climate change ultimately involve costs. Funding is vital in developing countries to design and implement adaptation and mitigation projects.
NABARD has already taken various initiatives in addressing the challenges posed by Climate Change particularly in the areas of agriculture and rural livelihood sectors. In this direction NABARD has been channelizing national, international and private finances for adaptation and mitigation activities in India.