Transmission to a Low-Carbon Economy and its Implications for Financial Stability in Russia

77 Pages Posted: 9 May 2024

See all articles by Anna Burova

Anna Burova

Bank of Russia

Elena Deryugina

Bank of Russia

Nadezhda Ivanova

affiliation not provided to SSRN

Maxim Morozov

affiliation not provided to SSRN

Natalia Turdyeva

Bank of Russia

Abstract

The significant challenge of energy transition and associated climate policies impact Russia's economy. Our approach involves assessing the effects on Russia and evaluating transition risks for its financial system. Using a CGE model for the Russian economy and a financial model based on firm-level data, our analysis reveals the substantial influence of both international and domestic climate policies on the country's financial stability. Notably, the effects of global climate actions in the NGFS Net Zero 2050 scenario exceed those from implementing a domestic emission trading system aligned with the reduction goals of Russia's state strategy for low-carbon development.

Keywords: russia, Climate policy, energy transition, transition risk, financial stability

Suggested Citation

Burova, Anna and Deryugina, Elena and Ivanova, Nadezhda and Morozov, Maxim and Turdyeva, Natalia, Transmission to a Low-Carbon Economy and its Implications for Financial Stability in Russia. Available at SSRN: https://ssrn.com/abstract=4822591 or http://dx.doi.org/10.2139/ssrn.4822591

Anna Burova

Bank of Russia

12 Neglinnaya Street
Moscow, 107016
Russia

Elena Deryugina

Bank of Russia ( email )

12 Neglinnaya Street
Moscow, 107016
Russia

Nadezhda Ivanova

affiliation not provided to SSRN ( email )

No Address Available

Maxim Morozov

affiliation not provided to SSRN ( email )

No Address Available

Natalia Turdyeva (Contact Author)

Bank of Russia ( email )

12 Neglinnaya Street
Moscow, 107016
Russia

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