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Deputy Governor Michael Debabrata Patra of the Reserve Bank of India revealed at the New York Fed Central Banking Seminar that despite global efforts to address climate change, yet a complete decoupling of carbon emissions and GDP growth hasn't occurred. He underscored the economic risks posed by climate change, including supply shocks and impacts on financial institutions. While most countries pledge to achieve net-zero emissions by 2050, only 23% have made it a legal obligation. Patra emphasized the interconnected nature of climate risks and financial stability. Acknowledging central banks' varied approaches, he stressed the imperative for unified action amid in the face of climate challenges.