Speeches & Media Interactions

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.

Regional Director for Mumbai Regional Office, Shri Suman Ray; Regional Director for Nagpur Regional Office, Shri Sachin Shende; Chief General Manager, National Bank for Agriculture and Rural Development, Ms. Rashmi Darad; senior officials from Bank of Maharashtra, Convenor Bank, SLBC Maharashtra, senior executives from banks, Lead District Managers (LDMs), Lead District Officers (LDOs) and my colleagues from Reserve Bank of India, present here.