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Bank of Russia outlines its climate commitments

3 November 2021

The regulator publishes the roadmap of the key tactical objectives for sustainable development, demonstrating its determination to elaborate a clear strategy and implement measures in this area as soon as possible. This publication also confirms that the Bank of Russia supports the joint declaration of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).

The Bank of Russia has approved its main objectives for the next three years. Among other things, the Bank of Russia will take part in the development of required infrastructure in the market and instruments for financing sustainable development and encourage public companies to embrace corporate governance practices needed for ESG transformation of business and better transparency of their operations. The regulator believes it essential to carry out stress tests of the potential impact of climate risks on a continuous basis, enhancing the testing methodology. The Bank of Russia’s top priority tasks include the development of proposals in prudential regulation and supervision to ensure that financial institutions take into account ESG risks, as well as the assessment of the possibility to use the infrastructure of the Russian financial market for issuing and trading carbon units. Another important area of the Bank of Russia’s efforts will be the implementation of sustainable development principles in its operation.

These objectives were set based on the draft Financial Market Development Strategy through 2030 and the draft Guidelines for the Development of the Russian Financial Market in 2022–2024.

The publication of its individual climate commitments will help the Bank of Russia consolidate its reputation at the global level as a regulator engaged in climate risk management.

Having joined the NGFS at the end of 2019, the Bank of Russia is an active participant in the preparation and consideration of NGFS key reports and regular surveys.

Preview photo: Albert Dzen / TASS