enhancing equity, managing the demographic change and confronting environmental pressures. global cooperation and efforts 10. environment sustainability has a global dimension. since greenhouse gases ( ghg ) emission in any country accelerates the process of global warming, this is obviously an area where a solution involving global cooperation is needed. no country will have sufficient incentive to contain its own emissions unless it is part of a global compact. such a compact, in turn, is possible only if there is a fair distribution of the burden. developing countries have consistently argued that since it is the industrialised countries that have historically contributed the bulk of the accumulated stock of ghg, and are also the most able to pay, they must bear the burden of global mitigation and adjustment. 11. a comparison of the carbon dioxide ( in short, carbon ) emissions across the g20 countries shows that, in 2010, the top three carbon emitter countries were australia, usa, and canada, with carbon emissions in per capita metric tonnes being 18. 8, 18. 1 and 16. 3, respectively. brazil, indonesia and india remain at the bottom among the g20 countries in terms of carbon emissions, with per capita contributions in 2010 being 2. 3, 1. 6 and 1. 4 metric tonnes respectively, way below the developed countries. as per the economic survey 2012 – 13, india's per capita carbon emissions in 2031 will be about 4 tonnes, which will still be lower than the global per capita emission in 2005 of 4. 22 tonnes and about 75 per cent lower than the 2010 levels of the top three emitters. 12. given this data, you would agree that imposing emission reduction commitments on the emerging world at this stage at similar levels as that of advanced countries would be highly unfair. rather, a logical approach would be that countries which are more developed and have caused greater emission as part of their development process should share a greater responsibility in lowering emissions and the expectations from emerging and less developed nations should be tempered so that they can attain higher growth, thereby improving the quality of lives of the poor. this way, one would achieve balance among countries so that there is equity of development. 13. as regards india, it remains fully committed to the global initiative to address environmental issues. india is participating in the ongoing international negotiations under the unfccc and has been part of 94 multilateral environmental agreements. in the recently held doha conference ( december 2012 ), india protected its interests fully and succeeded in bringing the equity aspect firmly on

changing. the feeling is growing that we should re - order our priorities and move away from the single - dimensional model which has viewed economic performance only in terms of growth ( gdp ), without really considering the social and environmental sustainability of our growth. 46. from the central bank point of view, environmental issues are not usually a matter of primary concern considering that its core function is to safeguard monetary stability with focus, primarily, being on price stability, growth and financial stability objectives. while environmental issues do not directly impact a central bank ’ s objective function, indirectly and in the long term, they do ( provopoulos, 2011 ). imf estimates point to a mean gdp loss of 0 – 3 per cent of global gdp for a 3 degree celsius global warming. the economic impact could be seen in terms of contraction in economy ’ s productive capacity, lower growth rates and higher prices. given that the performance of the financial sector is closely linked to the macroeconomic scenario, its impact on the financial system could be significant, through increased exposure of the financial system to risk, both its own and through its clients, as well as possible damages to its assets ( nijathaworn, 2008 ). addressing the sustainability issue surely requires more efforts and initiatives on the part of the government and the industry, but we definitely share the concern and will continue to do our bit where ever possible. 47. as regards climate change related issues, multilateral negotiations should respect equity and fair burden sharing among nations, keeping in mind both the historical emission levels of the developed world as well as the future growth prospects of the developing world. while global arrangements continue taking shape, india remains committed towards the implementation of several steps that have already been accepted to promote green growth in the context of sustainable development. 48. industry should try and adopt sustainable practices and reduce industrial wastes via encouraging in - house recycling and waste reduction. the role of all concerned stakeholders is crucial for this movement. however, i would emphasize that any attempt to achieve a green economy should not be at the cost of local communities. the poor and the underprivileged have to be protected and involved. green economy has to be bottoms up and democratized. 49. i hope today ’ s event helps in generating awareness and throws up practical ideas on how to balance the goals of growth and sustainability and also how as bankers we can integrate these considerations into our financial appraisal and risk assessment of projects. i am quite sure that the distinguished speakers