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Russia’s annual losses from climate change estimated at $6.3 billion — Sberbank

According to Tatiana Zavyalova, Sberbank senior vice president, in some regions, which are affected by climate change the most, losses may reach from five to six percent of gross product

DUBAI, December 10. /TASS/. Russia’s annual losses from climate change are estimated at 580 billion rubles (some 6.3 billion US dollars), Tatiana Zavyalova, Sberbank senior vice president, said.

"Addressing the topic of climate risks, we preliminarily estimate Russia’s losses from climate change in a period from 2023 to 2027 at an average of 580 billion rubles a year," she told the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28).

According to Zavyalova, in some regions, which are affected by climate change the most, losses may reach from five to six percent of gross product. The issues of elaborating an efficient climate policy "is moving to the sphere of economy" in Russia and in the world.

More than 70,000 delegates from various countries are taking part in the COP28 event, which will last until December 12. The Russian delegation is led by presidential envoy for climate-related issues Ruslan Edelgeriev.