The Reserve Bank of India has released the Report on Currency and Finance (RCF) for the year 2022-23 today. The theme of the Report is “Towards a Greener Cleaner India”. The Report reflects the views of the contributors and not of the Reserve Bank.

Highlights

• The Report covers four major dimensions of climate change to assess future challenges to sustainable high growth in India, namely, the unprecedented scale and pace of climate change; its macroeconomic effects; implications for financial stability; and policy options to mitigate climate risks.

• India has embarked on a targeted and time-bound climate action plan to reduce carbon emissions and currently ranks the best amongst G-20 countries as per the Climate Change Performance Index, 2023.

• India’s goal of achieving the net zero target by 2070 would require an accelerated reduction in the energy intensity of GDP by around 5 per cent annually and a significant improvement in its energy-mix in favour of renewables to around 80 per cent by 2070-71.

• India’s green financing requirement is estimated to be at least 2.5 per cent of GDP annually till 2030.

• A balanced policy intervention with progress ensured across all policy levers will enable India to achieve its green transition targets by 2030, making the net zero goal by 2070 attainable.

(Yogesh Dayal)    
Chief General Manager

Press Release: 2023-2024/172