Climate change damage in Russia put at 580 bln rubles annually - Sberbank

MOSCOW. Dec 11 (Interfax) - Climate change is inflicting about 580 billion rubles worth of damage to Russia annually, Sberbank senior vice president for ESG, Tatyana Zavyalova said, citing the bank's analysts.

"Working diligently on assessing climate risks, we tentatively estimate damage from climate change in Russia at an average of 580 billion rubles annually from 2023 to 2027. For some regions that are more prone to weather changes, annual losses could amount to 5%-6% of gross regional product," Zavyalova said an event at the Russian pavilion at the UN COP28 climate conference.

The issue of pursuing an effective climate policy is increasingly moving to the economic plane. General economic results will also depend on the extent to which financial institutions will be adaptable and effectively manage the new challenges and elements of the climate agenda, Zavyalova said.