The Reserve Bank of India (RBI) will set up a data repository to monitor climate related risks.

Named ‘Reserve Bank – Climate Risk Information System (RB-CRIS)’, the repository will include a web-based directory and a data portal forming climate related data sets.

Recognising the emergence of climate change as one of the significant risks to the financial system, RBI Governor Shaktikanta Das said 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.

The available climate-related data is characterised by various gaps such as fragmented and varied sources, differing formats, frequencies and units.

To bridge these gaps, Das said the Reserve Bank proposes to create a data repository -- RB-CRIS -- comprising two parts.

The first part will be a web-based directory, listing various data sources, (meteorological, geospatial, etc.) which will be publicly accessible in the RBI website. 

The second part will be a data portal consisting of datasets (processed data in standardised formats.

The access to this data portal will be made available only to the regulated entities in a phased manner.