Director, Financial Stability Department, Bank of Russia
Global regulators are facing a dilemma: the objectives of monetary policy contradict the objectives of supporting financial stability. Useful conclusions for Bank of Russia policy can be drawn from this situation.
Transition to a low-carbon economy remains a priority for major countries including China despite the rises in commodity prices and the highest global inflation. For Russia, as its economy refocuses on Asian markets, the importance of the green transition still holds.
Climate risks, renewable power, and carbon neutrality are all on the agenda of country leaders and business executives all over the world. Measures taken will have a direct impact on Russia.
The EU carbon tax on imports that is to be imposed in 2022 may affect almost 42% of Russian exports. The private sector and the state should take active measures to maintain economic competitiveness in the world of growing climate risks.
