FWWB Held Dialogue Series on “Challenges & Opportunities in Managing Climate Risk & Adaptation”

Friends of Women’s World Banking (FWWB), under its Climate change adaptation and environmental Initiatives, with the support of GIZ, conducted a dialogue series on “Challenges and Opportunities in managing climate risk & adaptation”.

It is important to note that Krishi Jagran is the webinar's official media partner.

Under the series, two dialogues have already been conducted. The first one was held on Jan 11th, 2022 (inaugurated by DMD, NABARD) to understand the impact, adaptation measures, and mitigation strategies by the farm sector, FPOs, Agri-techs, and Start-ups.

The second dialogue with MFIs and NBFCs was held on the 15th of Feb 2022 which was inaugurated by Dr G R Chintala Chairman NABARD and focused on the climate risk and adaptation strategies by NBFCs, and MFIs. Also, this dialogue also took the investors, insurance and rating perspective.

The third dialogue conducted on March 22, 2022, laid stress on understanding the perspective of SFBs, Banks, and other Financial Institutions on Climate Change and also understanding their adaptation and mitigation measures adopted.

S S Bhat, CEO, FWWB, in his opening remarks, shared a brief on dialogues conducted earlier under the series and welcoming all dignitaries and guests. Jayshree Vyas, Chair, FWWB, and MD SEWA Bank, in her opening address, shared the gender aspects in climate risk mitigation. She also laid stress on how the cooperative banks can play a big role in helping out mitigate the concern.

Elisabeth, Deputy Head – Development Cooperation, Germany Embassy, in the very beginning, set up the pace by sharing her concern that, a 37 million USD loss in India has happened because of climate change in the past 28 years which poses a big challenge to all financial institutions.

S Ramann, Chairman and MD, SIDBI, rightly shared about the need for climate risk mitigation in India. It was great to know about SIDBI’s initiatives in the climate change space. It was also great to know about the future prospects of the Social Stock Exchange (SSE) in talks with SEBI.

It was also great to understand from Rajeev Anand, Deputy Managing Director - Axis Bank, that the ESG framework has been embedded into the processes and systems of Axis Bank which sets it as an example for others to replicate in the climate risk mitigation space.

M K Poddar, CMD, Agri Insurance Company of India, rightly shared his insurance perspective that, premium discrimination has to be made in the insurance space, wherein, a low premium is to be charged for green projects and higher for projects which are not carbon friendly.

It was followed by a panel discussion, moderated by Sanjoy Sanyal, Senior Advisor, Caspian, who wonderfully handled the eminent panel of speakers. The panel consisted of the following members:

• Monu Ratra, ED & CEO, IIFL HFL

• Arindom Datta, ED – RABO Bank

• Dr. Ravindra Kumar Singh CGM, SIDBI

• Dr. C S R Murthy, CGM, FSDD, NABARD

• Dr R Bhaskaran, Ex CEO - IIBF

• A V Rama Rao Group Chief Risk Officer, Canara Bank

The panel laid stress on discussion, the need for products and innovations to address and mitigate the Climate Risk, and its financial impact. The panel members also shared the measures taken by them as an organization to mitigate the challenges due to Climate Change.

Dr. Shailendra Dwivedi, Director- Climate Change and Circular Economy, GIZ India, in his future roadmap, also shared the way forward to contribute to the climate change mitigation space. The dialogue concluded with a vote of thanks, delivered by Sumit Soni, Program Manager, Agri capacity building, FWWB.