: Where do Indian banks stand in the global fight against climate change? #IndiaNEWS Indian banks and financial institutions are lagging behind international financial institutions in helping control

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Where do Indian banks stand in the global fight against climate change? #IndiaNEWS
Indian banks and financial institutions are lagging behind international financial institutions in helping control the climate crisis, research shows.Indian banks and financial institutions, including the State Bank of India, ICICI, Axis Bank, the Trust Group and HDFC, are among the largest global financial institutions funding fossil fuel projects. Meanwhile, several banks in other countries, including the Spain-based Banco Santander and the Commonwealth Bank of Australia, have promised to phase out financing of coal-powered plants and mining by 2030.Banks play an important role in financing sustainable sectors such as renewable energy and in stopping the financing of fossil fuels. But in India, banks have yet to implement policies to reduce their own emissions or ask it of the companies that they finance, according to reports and an IndiaSpend analysis. Out of the eight Indian banks that were assessed, only IDFC Bank (now called the IDFC First Bank) demonstrated a policy commitment to mitigating climate change, shows a 2019 report by Fair Finance India, a coalition of civil society organisations working towards ensuring a sustainable financial sector in India.This is the situation five years after India, along with 191 other countries, signed the Paris Agreement to limit greenhouse gas emissions and control the rise in world temperatures to 1.5 degrees Celsius-2 degrees Celsius.“Some countries, clearly, have not focused on...Read more

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