NABARD unveils Climate Strategy 2030 to mobilise green financing

Real estate developers pledge to ensure sustainable practices

April 23, 2024 11:59 pm | Updated 11:59 pm IST - Mumbai

File.

File. | Photo Credit: P.V. SIVAKUMAR

National Bank for Agriculture and Rural Development (NABARD) on the occasion of Earth Day unveiled its Climate Strategy 2030 document which aims to address India’s need for green financing.

NABARD said since India requires approximately $170 billion annually to reach a cumulative total of over $2.5 trillion by 2030, the current green finance inflows are critically insufficient.

“As of 2019-20, India garnered about $49 billion in green financing, merely a fraction of what is needed. With the majority of funds earmarked for mitigation, only $5 billion was allocated towards adaptation and resilience, reflecting the minimal private sector engagement in these areas due to challenges in bankability and commercial viability,” it said in statement.

NABARD’s Climate Strategy 2030 is structured around four key pillars which include accelerating green lending across sectors, playing a broader market-making role, internal green transformation and strategic resource mobilisation.

Meanwhile, leading real estate developers have pledged for sustainable development.

DLF, said it had been at the forefront of sustainable construction initiatives. By implementing practices such as zero-discharge water systems and sewage treatment plants, it had been able to recycle millions of liters of water daily, thereby reducing the strain on local water sources.

As the only Indian real estate company featured in the Dow Jones Sustainability Index for the past three years, DLF said it exemplified commitment to environmental, social, and governance excellence.

Its flagship projects showcase this dedication to sustainability.

Aakash Ohri, Joint Managing Director & Chief Business Officer, DLF said “Our sewage treatment plants recycle over 14 million liters of water daily, supporting horticulture, secondary water usage, and lake replenishment, reducing reliance on groundwater. We prioritise greenery preservation by transplanting mature trees, ensuring the continuity of Gurugram’s green landscape amidst infrastructural development.”

“Through innovative practices, community engagement, and responsible development, we strive to set a benchmark for sustainability in the industry, ensuring that our projects not only meet the needs of today but also safeguard the wellbeing of future generations,” he said.

“From design to management, energy efficiency and sustainability are integral to our approach. We continue to lead the charge in sustainable real estate, shaping a greener, more resilient future for generations to come,” he added.

Lalit Aggarwal, Co-Founder & Vice Chairman, Signature Global (India) Ltd. said, “Majority of our projects are either EDGE certified or IGBC gold-rated, demonstrating our commitment towards the environment. Through our various optimum water use practices, we save around 52% of water usage.”

“These amenities include low-flow water faucets and toilets, rainwater collecting systems, and wastewater treatment and reuse facilities. By incorporating these techniques into the design and construction of our developments, we not only reduce our effect on local water resources but also improve the overall resilience of urban water systems,” he said.

“We recognise the value of sustainable practices in ensuring the long-term survival of our cities and are committed to continuing our efforts to conserve natural resources like water, which is the elixir of life,” he added.

“These initiatives not only contribute to conserving water resources and reducing environmental impact but also highlight the economic benefits of sustainable practices for homeowners, such as energy and cost savings,” he further said.

Moreover, the emphasis on self-regulation and behavioral changes among workers reflects a comprehensive approach to addressing environmental challenges within the construction industry, the developers said.

In another development Remsons Industries Ltd., an auto ancillary manufacturer said it had received Gold Medal in the Ecovadis Sustainability Assessment. This medal recognises Remsons Industries as one of the top 5% of all evaluated companies globally, reaffirming its commitment to environmental, social, and governance (ESG) excellence,” it added.

“Remsons Industries showcased exemplary performance in key areas such as Environment, Labour and Human Rights, Ethics, and Sustainable Procurement. Particularly notable was the company’s outstanding rating in Environment, underscoring its dedication to prioritising environmental conservation and upholding human rights throughout its supply chain,” the company said in a statement.

“We are deeply honored to receive the Gold Medal in the Ecovadis Sustainability Assessment,” said Rahul Kejriwal, Executive Director.

“At Remsons, sustainability is ingrained in our corporate ethos. We are committed to developing products that not only meet the highest quality standards but also promote environmental stewardship and social responsibility,” he added.

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