Indian Exports Will Get Hit Hard If Firms Don’t Comply To Global Green Norms: Vineet Rai

Indian exports across the board will get hit badly if companies in the country don’t comply with green requirements to tap into green and sustainable financing as western nations start coming up with carbon taxes to keep their own corporates competitive, said Vineet Rai, Founder and Managing Partner, Aavishkaar Capital, at the Business Today Banking & Economy Summit 2023. The role of banking and financing in mobilising capital more effectively towards projects and institutions working towards climate change has become more crucial as India has committed to achieving a net-zero carbon emission target by 2070. The country is estimated to need an estimated $7.5 trillion by 2070 and $1 trillion by 2030 to finance its goal. “Europe is becoming very tough with its own corporations. Basically, western corporations are becoming uncompetitive and the countries have come up with carbon taxes that will hit us hard. If you don’t comply, your exports will suffer soon because the world needs to have a level playing field and they will find their ways to do it,” Rai said at the session titled ‘Sustainable Finance in the Green Economy’.