National Bank for Agriculture and Rural Development (NABARD) and Asian Development Bank (ADB) have together launched an initiative to facilitate climate action in India’s agriculture, natural resources, and rural development (ANR) sector. The official statement said that under the initiative, a Technical Support Unit (TSU) has been set up in NABARD with the partnership of Bill and Melinda Gates Foundation (BMGF) to enable NABARD to address the challenges posed by climate change, particularly in the areas of agriculture and rural livelihood sectors in India.
During the launch of the initiative, Shaji K V, Chairman of NABARD, highlighted the importance of enhancing climate resilience since close to 55% of assets in the Indian Banking sector is prone to climate risks. He mentioned, “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. The statement said that 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. NABARD also used the opportunity to call all the ecosystem partners to join them in this journey and make this planet a better place to live.
NABARD has also recently inked a framework MoU with National Cooperative Development Corporation (NCDC) and NBCC for construction of world’s largest grain storage plan in cooperative sector. These units shall be constructed using innovative building technologies.
About NABARD
The National Bank for Agriculture and Rural Development (NABARD) is an apex development financial institution in India with headquarters in Mumbai. NABARD operates to promote sustainable and equitable agriculture and rural prosperity through effective credit support, related services, institutional development, and other innovative initiatives. NABARD plays a crucial role in fostering rural development, empowering farmers, and catalyzing the growth of the rural economy.
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