Still unprepared: India’s big banks move slowly in the face of climate crisis

Extreme weather events impacted India on 314 of 365 days in 2022. Yet, major Indian banks have been unprepared to confront climate risks, according to a new analysis prepared by Bengaluru-based think tank Climate Risk Horizons. The report, Still Unprepared, is based on assessment of the year 2022, and finds that despite the accelerating impacts of climate change, significant gaps remain in the preparedness of the Indian banking sector to measure, manage and mitigate climate risks. The analysis has assessed the climate-preparedness among India’s 34 largest banks that have a combined market cap of Rs 29.5 trillion.