Monetary Authorities’ Experience in Considering Climate Risks

Alina M. Grebenkina – Researcher of the Russian Presidential Academy of National Economy and Public Administration; Associate Professor at the Faculty of Economics of Lomonosov Moscow State University, Candidate of Economic Sciences (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The article provides a review how central banks consider climate risk while achieving goals of monetary policy and financial stability. The areas of considering contain the following: justification of the impact of climate risks on financial risks; conducting climate risk stress tests; introducing climate risks into economic models; obtaining quantitative assessment of the sensitivity of macroeconomic variables to climate risks; adjusting the monetary policy strategy.

The article was written on the basis of the RANEPA state assignment research programme.

Key words: monetary policy, climate-related risks.

JEL-codes: E52, E58, Q54.