India’s goal of achieving net zero emissions by 2070 raises important questions for policymakers regarding potential risks to the financial system and necessary policy reforms. These concerns are particularly relevant for macroeconomists who need to understand how the relationship between monetary and fiscal policies will evolve in this context.

The Reserve Bank of India’s (RBI) Currency and Finance Report for 2022-23 “Towards a Greener Cleaner India” traces India’s journey towards achieving its Nationally Determined Contributions (NDCs) and explores all policy changes that will be instrumental in shaping India’s net-zero economy. The report discusses a myriad of issues relevant to transition, such as electric vehicle penetration, hydrogen adoption, state-level initiatives, and developments in financial markets.

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