IIM Lucknow & Reserve Bank Innovation Hub Organise Roundtable on Climate Finance
The event saw the attendance of over 20 distinguished national and international dignitaries who discussed the significance, challenges, and tools for internalising the concerns of climate change in the financial system.
Lucknow : Indian Institute of Management Lucknow’s Centre for Business Sustainability (CBS), in collaboration with the Reserve Bank Innovation Hub (RBIH), convened a roundtable discussion on “Climate Finance” on 16th April at the IIM Lucknow campus under the aegis of RBIH’s ongoing project. The roundtable aimed to facilitate in-depth discussions on climate-related issues encountered by Indian financial institutions.
The roundtable brought together stakeholders from various sectors of the Indian climate finance ecosystem under one roof. Attendees included representatives from prominent banks such as State Bank of India, Axis Bank, and Federal Bank; non-banking financial companies like Tata Capital; renowned global advisory firms like Dalberg Advisors and Auctus ESG; esteemed think tanks like Climate Policy Initiative (CPI) and the Council on Energy, Environment, and Water (CEEW); Indian Credit Rating Agency (ICRA); leading global consulting firms like MicroSave and Taru Consulting; multilateral development institutions like the International Finance Corporation (IFC); the Oxford Sustainable Finance Initiative at the University of Oxford; and distinguished subject matter experts.
Discussions at the roundtable primarily focused on assessing the readiness of Indian financial institutions to address the impact of climate change and exploring strategies to leverage technology in navigating the challenges posed by climate change.
In his keynote address, Mr. Rajesh Bansal, Chief Executive Officer, Reserve Bank Innovation Hub, illustrated the significance of its ongoing project in contributing to the development of possible interventions for addressing climate-related challenges faced by Indian financial institutions and consumers.
During his welcome address, Prof. Vikas Srivastava, Dean Programmes at IIM Lucknow, emphasized the critical role of financial institutions in internalizing concerns for climate change from both mitigation and adaptation perspectives. He also moderated the first core session of the roundtable, focusing on the ‘Readiness of Indian Financial Institutions to Tackle the Impacts of Climate Change.’ Participants in this session deliberated on the complex challenges financial institutions face in assessing climate risks, implementing climate-related regulatory frameworks, and scaling up green finance initiatives.
The core session of the roundtable centered around the theme ‘Leveraging Technology for Navigating the Climate Challenge.’ Moderated by Ranjeet Rane, Program Coordinator at RBIH, participants discussed how technology can enable financial institutions to address climate risks and create customized solutions to adapt to and mitigate the risks associated with climate change.
During the second session, Mr. Rane highlighted the critical role of unlocking data in climate risk assessment and illustrated the role of technology using blockchain technology as an example of understanding the verification claims of sustainability in the financial service industry.
Prof. Kaushik Ranjan Bandyopadhyay, Chairperson, Centre for Business Sustainability at IIM Lucknow, emphasized the timeliness of the roundtable discussion amidst another record year of global warming in 2023.
IIM Lucknow, in line with its core value of commitment to sustainability, takes pride in collaborating with the Reserve Bank Innovation Hub. This initiative to strategize for the benefit of the banking ecosystem and policy reform is timely, given the increasing challenges precipitated by climate change.