The Central Bank of Russia published a consultation paper on the risks that climate change poses to the economy and the financial sector, inviting feedback on methods to assess these risks. The paper links more intense heat and more frequent floods and droughts to damage to human health, infrastructure and agriculture, and frames these effects as a source of financial stability risk. It notes that Russia could potentially benefit from climate change if preventive measures are taken, but could also face annual losses of 1–2% of GDP, with larger impacts in certain regions and industries. The Central Bank of Russia highlights the need to strengthen risk assessment tools, monitoring and disclosure of physical climate risks, and to improve stress testing and data quality. Responses to the questions in the consultation paper, along with comments and suggestions, are requested by 17 October 2025.
Central Bank of Russia 2025-09-16
Central Bank of Russia launches consultation on assessing climate change risks to the economy and financial sector
The Central Bank of Russia released a consultation paper addressing the economic and financial risks posed by climate change, emphasizing the need for enhanced risk assessment tools and improved stress testing. The paper highlights potential GDP losses of 1–2% annually due to climate impacts, while also noting possible benefits if preventive measures are implemented. Feedback on the proposed methods for assessing these risks is invited.