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As some top global banks scale back climate efforts, India is moving forward with mandatory rules for lenders to report and manage climate-related financial risks.
India’s central bank is close to finalising regulatory guidelines that will require banks and financial institutions to report and manage the risks they face from climate change, three sources with knowledge of the matter have confirmed.
The framework, under discussion since 2022, is expected to instruct financial entities to regularly disclose climate-related risks within their lending portfolios, including mitigation strategies and measurable targets. The aim is to improve transparency and help the financial system adapt to climate vulnerabilities.
According to the proposal, disclosures will be introduced on a voluntary basis starting from fiscal year 2027, with mandatory compliance from fiscal year 2028. India’s fiscal year runs from April to March.
In addition to disclosures, banks will be required to conduct periodic stress tests to evaluate the potential financial impact of adverse climate events, such as floods, droughts or extreme temperatures.
This initiative mirrors steps taken by countries such as the United Kingdom and Japan, which have made climate risk reporting compulsory in line with their commitments to a low-carbon economy.
The Reserve Bank of India’s move contrasts with the recent decisions of several leading global banks, including JP Morgan, Citibank, Morgan Stanley and HSBC, which have scaled back climate-related commitments. Analysts have suggested this trend may be influenced by the re-election of U.S. President Donald Trump, whose administration is widely seen as sceptical towards climate policy.
By advancing these regulations, India signals its commitment to integrating climate risk into financial governance, supporting green investment and safeguarding long-term financial stability.
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