Key Points
The Reserve Bank of India (RBI) on Wednesday called for setting up of a data repository to monitor climate related risks..
The repository named Reserve Bank Climate Risk Information System (RB-CRIS) which will include a web-based directory and a data portal forming climate related data sets...
The banking regulator is also said that the available climate related data is characterised by various gaps such as fragmented and varied sources, differing formats, frequencies and units...
In a recent speech, Reserve Bank of India (RBI) deputy governor M Rajeshwar Rao had said climate change has the potential to create shocks to monetary stability, growth, financial stability, and the safety and soundness of regulated entities...
The RBI is working towards framing a comprehensive ESG policy, incorporating elements of climate sustainability, investment in sovereign green bonds, measuring the impact of climate change on default risk and contingency planning for climate-related extreme events via actuarial analysis...
