The Riksbank’s Climate Report, December 2021
Climate change, and the measures taken to manage it, may affect the conditions for the Riksbank to fulfil its mandate. It is therefore important for the Riksbank to follow, understand and, as far as this is compatible with its remit, include climate change in its work. Today, 14 December, the Riksbank publishes its new Climate Report, which explains why and how the Riksbank works with climate-related risks.
The Riksbank´s Climate Report, December 2021
The Riksbank’s Climate Report 2021 - in brief
Climate change has consequences for all parts of society. Responsibility for taking policy measures against climate change lies primarily with politicians.
Climate change, and the measures taken to manage it, may affect the conditions for the Riksbank to fulfil its mandate. Furthermore, in its policy work, the Riksbank will act for sustainable development in line with the ambitions of the Riksdag and Government, assuming that this does not override the Riksbank’s tasks. It is therefore important for the Riksbank to follow, understand and take account of climate change in its work.
The Riksbank has a sustainability strategy that involves working systematically with the sustainability dimension in all its different operations. Based on the sustainability strategy, the Riksbank shall take account of climate change and promote an orderly transition to a sustainable economy within the framework of its mandate.
The Riksbank considers climate change in its monetary policy and asset management and in its work with financial stability and the payment market, as well as in other operations. The Riksbank is also actively involved in several international partnerships to help reduce the risks of climate change.
International regulations and standards that affect the Swedish financial market’s climate work are developing at a rapid pace. Despite many Swedish financial corporations having gradually begun to adapt their lending, risk management and reporting to include climate aspects, only a few companies have processes in place for the whole chain of identifying, measuring, assessing and managing climate risks.