Mumbai, Nov 21 (PTI) Noted banker Deepak Parekh has underlined the need for the financial sector to come together to take the lead to create a data bank on green loans in the way they created credit bureaus more than two decades back.
Admitting that there is a severe lack of quality data on the emission risks/climate risks, Parekh, who is also the chairman of the nation’s largest pure-play mortgage lender HDFC, said, “Hiding lack of data is not an excuse because the key point is that we have got to start somewhere and we are at an inflexion point on climate risk.” “There is no reason why our financial system cannot collaborate together on climate risk and measuring financed emissions.
“We’ve set up many repositories in the past, and we have the technology to support easily available and I am sure some of our larger financial institutions can take the lead to work together to have a single platform wherein they can use common data to determine climate risks and begin to measure their financed emissions,” Parekh told the World Congress of Accountants, hosted by the Institute of Chartered Accountants of India, here on Monday.
