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GREEN ENERGY AND ITS FINANCE BY OUR BANKS

 

Earth's temperature has risen by 0.14° Fahrenheit (0.08° Celsius) per decade since 1880, but the rate of warming since 1981 is more than twice that: 0.32° F (0.18° C) per decade. 2021 was the sixth-warmest year on record based on NOAA's temperature data. To overcome such problems India's updated climate pledge to the Paris Agreement after receiving the Union Cabinet's nod August 3, 2022. The pledge will lay out India's clean energy transition pathway from now through 2030 and will be communicated to the United Nations Framework Convention on Climate Change (UNFCCC).

                Green energy is important for the environment as it replaces the bad effects of fossil fuels with more safe alternatives. Green energy is also often renewable and clean, meaning that they emit no or few greenhouse gases and are often readily available.

   

Green finance

 According to RBI Bulletin -- Green finance refers to the financial arrangements that are specific to the use for projects that are environmentally sustainable or projects that adopt the aspects of climate change. Environmentally sustainable projects include the production of energy from renewable sources like solar, wind, biogas, etc.; clean transportation that involves lower greenhouse gas emission; energy efficient projects like green building; waste management that includes recycling, efficient disposal and conversion to energy, etc.

            Our banks are gearing up to render loans to various green projects. Largest Banks like Punjab National Bank, State Bank of India, Housing Development Finance Corporation Limited etc come up with many schemes like Solar roofs, Solar Home Lighting/Solar Water Heating System, Largest Bio-CNG plant.

 

(i) Punjab National Bank Schemes –

            PNB SAUR URJA YOJANA (PNB SOLAR ENERGY SCHEME)

            OBJECTIVE: Financing Farmers for Purchase of Solar Home Lighting/ Solar Water Heating System.

 

(ii) State Bank of India –

            Installation of Solar Roof Top

 

(iii)  Housing Development Finance Corporation Limited –

           Installation of Bio CNG Plant

        

            I always feel very proud when our nation and its financial institution participation in Global Platform is at Par with developed nation.

 

Comments

Anonymous said…
Nice one
January 25, 2023 at 9:56 PM
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