The Bank of Russia conducted a survey and analyzed the current sustainability regulation in the member states of the Eurasian Council of Central (National) Banks.
All the member states emphasized the relevance of the sustainability agenda and the climate transition. At the national level, they have already been taking measures to ensure a smooth transition to a low-carbon economy and adaptation to climate change. Some of these countries have been developing mandatory and voluntary carbon markets.
The promising areas of cooperation between the financial authorities of the member states may be coordination of their approaches to sustainable (including green) activities and a joint analysis of ESG rating methodologies and practices.
Moreover, participants in the survey noted an importance of disclosing information on sustainable development. Several countries issued sustainability disclosure regulations or recommendations for public companies and financial institutions. The member states plan to develop unified approaches in the future.
Climate change remains a focus issue. The member states find it crucial to assess and factor in climate risks. There is huge potential for sharing experiences and best practices. For instance, the Bank of Russia is ready to present its climate risk stress tests scenarios. Other countries are also evaluating costs and benefits of such stress tests.
Preview photo: Vladimir Smirnov / TASS