The Reserve Bank of India (RBI) has switched on the ignition for the long and bumpy ride towards raising resources for addressing climate risks with its framework for green deposits last week. Though no different from the current interest-bearing deposits of its regulated entities (REs), proceeds have to be deployed in green projects. More clarity will flow through when the official Indian taxonomy for this is firmed up, but the central bank has for the interim drawn up a list of activities qualifying as “green” — those that boost energy efficiency and climate resilience; and cut carbon emissions and greenhouse gases.