Climate change and the Russian economy

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Title: Climate change and the Russian economy
Author: Simola, Heli
Organization: Suomen Pankki
Bank of Finland
Department / Unit: Siirtymätalouksien tutkimuslaitos (BOFIT)
Institute for Economies in Transition (BOFIT)
Series: BOFIT Policy Brief
ISSN: 2342-205X
Series year: 2020
Series number: 11/2020
Year of publication: 2020
Publication date: 1.9.2020
Pages: 18
Subject (yso): ilmastonmuutokset; talous (taloudelliset ilmiöt); taloudelliset vaikutukset; riskit; ilmastopolitiikka; energia; öljy; maakaasu; yritykset
Keywords: Bofit-kokoelma; Venäjä; talous
Other keywords: Russia; economy; climate change
Abstract: Even with substantial uncertainty over the timing and magnitude of climate change, the potential impacts pose significant risks to long-term global economic development. This paper reviews relevant literature on economic effects of climate change with respect to Russia, which faces physical risks as well as risks created by the transition to a low-carbon economy. Most risks arise from the orientation of Russian production and exports to carbon-intensive sectors, particularly oil and gas. Nevertheless, Russia has shown little ambition in addressing risks related to climate change.

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