Global Synergy: Addressing Climate Change Through Unified Action
RBI Deputy Governor M Rajeshwar Rao highlighted the importance of global cooperation in tackling climate change. Speaking at a conference, Rao emphasized technology transfer, R&D funding, and the need for a mix of public-private funding. He called for policy reforms, market development, and innovative financial strategies for green infrastructure.
- Country:
- India
In a recent conference on Green Infrastructure Finance, M Rajeshwar Rao, Deputy Governor of the Reserve Bank of India, underscored the critical need for heightened global cooperation to confront the challenges of climate change. He emphasized the essential nature of technology transfer and R&D funding.
Addressing attendees, Rao highlighted the shift required from project-specific finance to broader market development, supported by policy reforms and regulatory frameworks. He advocated for the integration of public and private funding, underscoring the importance of creating fiscal incentives to attract private investment.
The Deputy Governor further called for multilateral development banks and climate funds to harmonize operations and adopt innovative financial instruments like debt-for-climate swaps. The objective is to generate substantial investments necessary for maintaining resilience and fostering green infrastructure projects globally.
(With inputs from agencies.)
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