The recent speech by Reserve Bank of India Governor Sanjay Malhotra on Climate Change Risk and Finance came at a crucial moment. As efforts to protect the climate face mounting resistance, the question of who should bear the financial burden remains unresolved.One key takeaway from the speech was Malhotra’s remark: “While the role of central banks in managing risks posed by climate change to the financial system is increasingly being recognised, their role in facilitating the financing of green and sustainable transition has been a matter of debate and has varying dimensions to it.” His mention of stress testing was also significant.
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