 "Extreme weather condition")
An increase in extreme weather events such as floods, droughts and cyclones risk souring debt worth more than Rs 6.19 trillion ($84 billion) at India’s biggest financial institutions.
That’s according to leading nonprofit environmental disclosure platform CDP. State Bank of India, the country’s largest lender, HDFC Bank, IndusInd Bank Ltd. and Axis Bank Ltd. are among the institutions that reported climate risks to CDP in 2020, it said in its annual report released Wednesday.
The banks flagged exposure to environmentally sensitive businesses including cement, coal, oil and power. They also listed the effects of cyclones and floods on loan repayments
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