With climate change said to emerge as one of the significant risks to the financial system, the RBI has proposed to create a data repository namely the Reserve Bank – Climate Risk Information System (RB-CRIS), in two parts, to bridge the gap in climate-related data that is currently available in a fragmented manner.

The first part will be a web-based directory, listing various data sources such as meteorological and geospatial, which would be publicly accessible on the RBI’s website. 

The second part will be a data portal comprising datasets (processed data in standardised formats). The access to this data portal would be made available only to regulated entities in a phased manner, RBI Governor Shaktikanta Das announced on Thursday.

“It is crucial for regulated entities to undertake climate risk assessments for ensuring stability of their balance sheets and that of the financial system. Such an assessment requires, among other things, high quality data relating to local climate scenarios, climate forecasts, and emissions,” he said.