The Bank of Russia: The impact of climate risks and the sustainable development of the financial sector in Russia. Report for public consultation
The state structures responsible for regulating corporate relations, the banking and insurance market, and the financial stability of the Russian Federation have prepared a report on the impact of climate risks on the country’s financial sector and its sustainable development.
The report is mainly devoted to climate risks: definitions, types, and impacts on financial institutions in the banking and insurance sectors. It details the tools of climate risk management based on the experience of world insurers, foreign states and companies; a perception of Russian banking regulation of climate risks is being formed. The Climate Change Financial Disclosure Requirements, developed by the Climate Finance Disclosure Working Group (TCFD), are also mentioned.