Although most have long-term decarbonization targets, very few have been willing to restrict their business with high-carbon clients. Globally, banks have lent $4.6 trillion to the fossil fuel industry since 2016.
The Indian Bank’s hiring guidelines audaciously refuse to hire pregnant women who have crossed the 12-week mark.
India needs about Rs.1.5-2 trillion every year till 2030 to achieve its clean energy target while the current annual investment of about Rs. 750 billion is only half the amount.
Despite repeated net zero promises, green slogans, and heartfelt acknowledgements that carbon emissions must be curbed in order to avoid climate disaster, international banks still spent more than $1.5 trillion over the last three years financing coal projects—the highest carbon emitting and dirtiest energy source.
While CAMS Finserv, Finvu, OneMoney and NESL are already operating as account aggregators, companies such as PhonePe, NSDL E-Governance Account Aggregator Ltd and Yodlee have received in-principle approval.
Indian banks need to move away from financing fossil fuels projects and prioritise lending to renewable energy and other environmentally sustainable projects