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ARTICLE · 10 MAY 2024

A New Climate For Regulating Financial Risk

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In its February 2024 statement on developmental and regulatory policies, the Reserve Bank of India (RBI) explicitly recognised that "climate change can translate into climate-related financial risks".

IndiaEnvironment
Sawant Singh
Sawant Singh
Aditya Bhargava
Aditya Bhargava
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In its February 2024 statement on developmental and regulatory policies, the Reserve Bank of India (RBI) explicitly recognised that "climate change can translate into climate-related financial risks" for regulated entities (RE) "which can have broader financial stability implications". To align with global best practices, the RBI in July 2022 placed a discussion paper on climate risk and sustainable finance on its website for public comment.

Based on the feedback received, the RBI's February 2024 statement proposed issuing a framework for green deposits, a disclosure framework for climate-related financial risks, and guidance on climate scenario analysis and stress testing. On 28 February 2024, the RBI issued draft Guidelines on Disclosure Framework on Climate-related Financial Risks for public response. While Pillar 3 disclosures under Basel III already require material risk to be revealed, the disclosure framework seeks to put in place a mechanism for REs to

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