Climate change and financial sector: consultation paper

The climate change leading to more intense heat and more frequent floods and droughts damages human health, infrastructure, and agriculture. All this inevitably results in financial stability risks.

According to different estimates, Russia may potentially benefit from the climate change if it takes preventive measures. However, the country may also incur annual losses of 1–2% of GDP, which will be more notable in individual regions and industries. Therefore, it is important to enhance risk assessment tools and the monitoring and disclosure of physical climate risks as well as improve stress testing and data quality.

The Bank of Russia welcomes answers to the questions raised in the consultation paper as well as comments and suggestions through 17 October 2025.