The impact of climate change on macroeconomics and monetary policy: what the literature says[Влияние Климатических Изменений На Макроэкономику И Деятельность Монетарных Властей: Что Говорит Литература]

Combating the effects of climate change is the thirteenth of the seventeen Sustainable Development Goals adopted by the international community in 2015. According to the UN conceptual position, measures to combat climate change should be integrated into the development strategy of all countries. The relevance of this work is determined by the fact that the problem of developing a systematic approach to accounting for climate risks is in the sphere of interests of the Bank of Russia, which adheres to the principles of sustainable development. Thus, research in the field of accounting by monetary authorities of climate risks in the conduct of monetary policy is of particular importance. The main goal of this study is to identify the possibilities of monetary authorities to manage climate risks and reduce their negative consequences for the economy (subject of the study). The achievement of the stated goal is facilitated by a review of academic literature (source of information) to systematize and classify climate risks by their types and areas of influence on the economy and monetary policy, as well as to determine the mechanisms of influence of climate factors on the activities of the central bank (research objectives). The study was conducted using such methods as descriptive, statistical and graphical analysis, data analysis, a systematic approach, and comparative analysis. Based on the results of the study of theoretical approaches to the analysis of the impact of climate risks on the economy and monetary policy, it can be concluded that climate risks are divided into physical and transitional and have an impact on key macroeconomic indicators. At the same time, as a rule, the consequences of the implementation of physical climate risks are negative for the main macroeconomic indicators, whereas the impact of transitional climate risks on macroeconomics is less unambiguous and depends on the scenario and design of the policy of transition to carbon neutrality. In addition, climate change may pose risks to the financial sector. Also theoretically justified is the influence of climate change on the real neutral interest rate, transmission mechanisms of monetary policy and, in general, on its design (scientific novelty of the work). The prospects for further research of this problem lie in the systematization of empirical approaches to assessing the effects of climate change on the economy and monetary policy, as well as the experience of taking climate risks into account by international organizations and national central banks when conducting monetary policy and achieving financial stability. In turn, the results of the review can be used in the interests of the monetary authorities of the Russian Federation to adjust the current monetary policy, taking into account the effects of climate change.