The paper reviews the central banks’ practices with respect to integrating climate-related risks into financial stability monitoring, and to the assessment of the impact of these risks on the economy and financial system. Particular focus is made on transmission channels through which two main groups of climate risk may turn into financial risks. The paper also looks at central banks’ approaches to stress testing for the financial system’s resilience to climate risk and modeling the economic effects of these risks.
This Policy Paper is available only in Russian.