The pressing issue of climate change, which is a major economic issue for governments, businesses and of course millions of people around the world. India is currently working with fellow G20 countries, Italy and Indonesia ahead of its assuming the G20 presidency next year. The adoption of sustainable finance is a priority area for India when it leads the G20. I'm delighted to say now that I'm joined by Mr Sunil Mehta, in fact, he's the chief executive Indian Banks Association. Thank you so much for joining the studio, because you've just reminded me about how quickly time has passed because we met for the first time in Sydney. Of course you've got the absence because we had the COVID virus, but now here we are again in Amsterdam, so it's very good to see you. But look, there was a time when sustainability and its importance in the financial world didn't really register in conversations and of course all of that has now changed. And I just wonder what your reaction to that is. Well, as a responsible community, we have to think about our future generations and the sustainability is a very important aspect because we leave the same level of assets and resources for the next generation and we have that responsibility for them. Gradually this has acquiring a lot of traction because globally this is discussed and the India participated and our PM has announced that maybe by 2030 we will be acquiring 50% of our energy through renewable sources and then by 2017 we will have the zero carbon neutral. So, to achieve these goals, I think the India is gearing up and that is our responsibility because unless and until we are responsible and the banking system plays an important role, ultimately green financing can facilitate the environmental conservation as well as the sustainability of the businesses. So, I hope it is a very important aspect and the India is now geared up to take it up. I do agree that yes, right now we are at a very nimble footed, we are just developing this as an concept but going forward, I think that is one the entire country is looking for. So, in the 2020 leadership as well but when you look at India, how would you say that the sustainable banking in the concept or sustainable banking in the country has actually evolved and what else do you see as its main concerns because there is the morality that you just alluded to, the responsibility to the generations to come, what else is there in that evolutionary journey? So, in this evolutionary journey actually the entire framework has got two major aspects, one is an environment and another is sustainability and the social and the governance aspects also. So, India yes is a working on the creating an taxonomy about how do we define what are the different aspects of environmental changes, how do these environmental impact the businesses and the banking decisions and it requires a lot of database and which is yet to be created. So, I think the India is right now relying on the global data which is available on the climate risk which threatens the various businesses and how been in interactions with a lot of global bodies who were handling this climate change as an sustainable financing as an important aspect and embedding it into the lending processes. So, in India also we have created one group that is we call it as a standing committee on a sustainable financing and that standing committee is now working on first thing is awareness like, unless and until the entire ecosystem gets aware that yes we have a responsibility for the next generation and we have to go for a environmental protection then the adoption will happen. So, we are at the awareness level awareness for which we are organizing various seminars we are conducting at discussions involving the international experts how do we adopt the sustainable financing. Most important aspect is quantifying it and then measuring it quantifying it and then finding the remedial solutions just like mitigations that how do we mitigate that climate risk and then how do we support it because just by talking about it and making a where is not enough we have to incentivize it also. So, unless and until we incentivize the system and the industry for adoption of the climate changing systems like wherever you have to go for a system which prevents the uses of the resources which stops the carbon emission and those processes are supported not only technically but also the financially then definitely this is going to evolve a better ecosystem for green financing. I want to focus as well on the sustainable development goals and also known as the SDGs. Now, why is the environmental dimension so important to the success of the sustainable development goals and what happens if we don't reach them because you know there is that deadline it is in the 2030s and some countries perhaps are on course for it others not. You are right I think the entire word is at different levels of evolution in this sustainable goals and sustainable go journey the biggest aspect of it is a climate risk because sustainable goal cannot be achieved without addressing the environmental issues. Now the biggest challenge with the entire word is facing and how to attended the conferences at Paris also and the different geographies where it is being deliberated and what I could find is still there is a lack of standardization into the mapping of the impact of climate change like how do we correlate a event with the climate change how do it impact a business. So, such dependable data is still not available and so it takes time in creating that framework where you can standardize the data when you can rely on the data and quantify it and that quantify data can be converted into certain incentive structures like carbon emission has been in talks for so many years and then carbon credits are made available but that is only one aspect of it. You have to look at the social impact of it also that how do it will impact the society because India which is a very diverse society in which a second largest in population in the word and then fifth largest economy and such a varied type of geographies. So, we have to see the social impact of it also because once you go for a climate change aspect how it is going to impact the society. So, now right now the country is working on creating the taxonomy of the environmental changes that how do we classify them. Then we are working on the common collection of the data where the environment is impacting the businesses as well as the economic impact of it then how the environmental preservation will impact the socially. So, that is another aspect because quantification of the social impact is a very difficult job and that is also being worked out and I hope the way the country is going forward and the country's leadership like our PM has made an announcement then India is going to be the chair of the G20 in 2023. So, India is geared up to adopt those changes create in their own because every country will have a different set of climate conditions, a different set of requirements and different evermitting and we have to create and customize it to the country. But all eyes are on India next year. Okay, Mr Sonometa we have to leave it there but thank you so much for joining us here on Cybor's TV and please do enjoy the rest of the Cybor's event.