The Future of the Climate Agenda in Banks

Abstract

Climate change is the main global risk in the next 10 years, and international organizations, businesses and governments are paying more and more attention to decarbonization strategies and energy transition. In line with the general trend, the popularity of the climate agenda in Russia has grown rapidly in recent years. Until recently, many Russian companies calculated their carbon footprint, planned the development and implementation of climate strategies, and the state was actively developing the regulatory infrastructure for low-carbon development. Banking organizations have also announced climate goals and implemented decarbonization activities. However, a sharp change in the geopolitical and economic situation calls into question the future of the national climate agenda. At first glance, it may seem that the importance of low-carbon development principles has decreased, and banks, which have just begun their journey within the framework of the sustainable development agenda, have lost momentum. Increasingly, there are opinions that the main driver for the development of climate strategies, the request of international investors, has lost its relevance.