Climate change has become real and tangible, affecting people’s lives worldwide. It is a major challenge for agriculture, food security and rural livelihoods. As indicated in Intergovernmental Panel on Climate Change (IPCC) in its Fifth Assessment Report released in March 2014, poor, marginalized, and rural communities are likely to be hit hardest by climate change impacts. For these vulnerable groups, climate change acts as a “risk multiplier” worsening existing social, economic, political, and environmental stresses.
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 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).
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 aims to channelize national, international and private finances for adaptation and mitigation activities in India.