The Hindu Business Line : `Financial sector has key role in slowing climate change'

AGAINST the backdrop of the effect that climate change can have on the global economy, the Union Environment Minister, Mr T.R. Baalu, said that the financial sector's role is critical to the success of climate change abatement initiatives.

Speaking at the `International Conference on Climate Change and Financial Sector - Linking Solutions to Challenges', organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) here today, he urged banks, insurance companies, asset management firms, accounting firms, credit rating companies and brokers to take initiatives towards this end.

He cited the example of Clean Development Mechanism (CDM) projects, as indications of the success of efficient generation and use of energy. Further, he said, it has a significant potential to address sustainable development needs of developing countries like India. "There is a need to strengthen the capacity of Indian stakeholders to benefit from opportunities offered by CDM," he said.

However, he was of the opinion that the financial sector should be aware of the opportunities available in greenhouse gas mitigation and adaptation sectors. He added that capacity building of financial institutions would provide a fillip to the financial community in terms of awareness on climate change issues.

Pointing out that climate change is already under way, he stressed for the need to have adaptation policies. Referring to the Delhi Declaration, which has accorded a high priority to adaptation, he said, "Adaptation is a pathway to sustainable development". In this context, he called for the early operationalisation of Special Climate Change Fund and the LDC-Fund as agreed at the recently held Conference of Parties (COP-8).

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