Distinguished Guests, Ladies, and Gentlemen, Good Morning. Let me, at the outset, thank the organisers for inviting me here to share my thoughts on climate change, one of the most critical issues we face, not just as individuals, but as the collective global community. 2. As per the latest report from the Copernicus Climate Change Service’s , the year 2024 will be the warmest year in the ERA5 reanalysis dataset, going back to 1940. This was also estimated to be the second-warmest October globally, after October 2023 with the average temperatures 1.65ºC above the pre-industrial level while also marking it the 15th month in a 16-month period where average temperatures were above the 1.5ºC threshold set by the Paris Agreement. Thus, the writing on the wall seems to tell us that unless we collectively take strong action, a grim future lies ahead. The recent tragic events, be it in Valencia, Spain, Wayanad, Kerala, or back-to-back hurricanes in USA, are stark reminders of the perils of climate change that the world at large is exposed to. It impacts our day-to-day lives in one form or other be it through heavy rainfall, flash floods, cyclones, droughts, melting of glaciers, loss of biodiversity, etc., and that too with increased frequency and severity. There can be no doubt therefore that climate change is going to be a major risk for the financial system, economy, and society at large with risks of severe catastrophic events putting at stake our very survival.

Esteemed delegates from across the world, respected Governor, Deputy Governors and all my colleagues from the Reserve Bank of India, ladies and gentlemen.  A very good afternoon to you all.

Governors and senior dignitaries from Central Banks, eminent participants, Ladies and Gentlemen, I am delighted to be amidst you all at the High-level conference on “Building synergies”, organised on this historic occasion as we celebrate the 90th year of our establishment. The conference is a part of our endeavour to develop a meaningful dialogue and foster cooperation on the issues confronting the Central banks of the global south. It gives me an opportunity to share my thoughts with you today, on paths traversed so far and some of the challenges we are likely to face as Regulators going forward.