Frequent weather shocks caused by climate change pose challenges for the monetary policy as well as downside risks to economic growth, a Reserve Bank report said. Global average temperatures are on a rise, with accompanying increase in extreme weather events (EWE), and the economic and social impact of global warming is becoming increasingly evident, said RBI’s Monetary Policy Report – April 2024. The report said that climate change has increased the frequency and ferocity of weather shocks, posing challenges for monetary policy.
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