Need to mobilise domestic and international investment flows to meet green finance needs: SBI Chairman

The Reserve Bank of India's latest Aoril 2023 data for sectoral deployment shows that bank credit to renewable energy projects, which is part of th elarger green finance segment, increased 28 percent to Rs 4,614 crore in March this year from Rs 3,607 crore in the same month a year-ago, Moneycontrol reported.

This is after credit to the sector increased by 94 percent between March 2021 and the same month in 2022, with the bank credit rising to Rs 3,607 crore from the previous Rs 1853 crore.

On another note, issuers in India have raised labelled and unlabelled green bonds worth $42.9 billion in the power sector from January 2014 to March 2023, the latest BloombergNEF report stated.

The Finance Minister, in this year's Union Budget, announced Rs 35,000 crore for priority capital investment towards energy transition and net zero objectives and energy security by the ministry of petroleum and natural gas. Later, she clarified that the money allotted to energy security and transition is not a subsidy, which is being given indirectly. "There are two objectives of allocating this money: To make a transition from fossil fuel to renewable energy and to make sure that our strategic reserves are all filled up adequately," she had said.