In Japan, the Bank of Japan and the Financial Services Agency (FSA) jointly conducted a pilot scenario analysis exercise with major financial institutions last year, with the results released in August this year.3 The pilot exercise was not intended to provide a quantitative assessment of the impact of climate change on these major financial institutions.
I would encourage the statisticians in the Reserve Bank of India, as well as those outside the Bank, to make full use of the opportunities available by way of advances in statistical methods. We are living in an era where computing power practically has no boundaries. This is an opportunity as well as a challenge for statisticians across the world. 17.