Foreword
December 2021
Foreword
The Riksbank is an independent public authority under the Riksdag and the state’s core values guide the work of the Riksbank. The Riksbank has previously published a sustainability strategy that describes how sustainability is taken into account in its internal operations and in its policy work.
In this report, the focus is primarily on the Riksbank’s climate-related work. The report describes why and how the Riksbank works with climate-related risks within its remit. The report also describes new international financial regulations in the field of sustainability and the Swedish financial sector’s climate work.
The Executive Board of the Riksbank has approved this report.
Published: 4 May 2022
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.
The Riksbank’s Climate Report
December 2021
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