Bank of Russia to develop recommendations on climate risk management
The regulator plans to develop and publish recommendations on the integration of climate risks into the risk management framework of financial institutions in
The Bank of Russia and professional community have the same view on climate risks the Russian economy may face. The participants of the discussion supported the approaches to climate risk management by financial institutions and noted the need to establish common scenarios for climate risk assessment and stress testing. Also, respondents were positive about possible approaches to capturing these risks in the banking regulation.
The regulator plans to further elaborate the issues outlined in the consultation paper.