M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India has noted in a speech that Climate change risks have started to impact the financial system and are envisaged to pose systemic risks in the coming future. The climate-specific vulnerabilities' interplay with real economy and financial sector vulnerabilities can lead to financial stability risks. In this context, it is essential to build capabilities to ensure correct assessment of these risks and put in place suitable adaptation and mitigation measures. Transparency and capacity building are going to be the key differentiators and we need to collectively move in this direction.
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