Research and Analytical Work
The Central Bank of Armenia conducts research and analytical work in the scope of Enhance Markets pillar of the sustainable finance roadmap.
Risk Radar
Risk Radar is designed to assess Environmental, Social, and Governance (ESG) and climate-related risks across economic sectors. It evaluates how vulnerable each sector is to ESG and climate challenges by analyzing physical, transitional, and other ESG risks. . The Risk Radar was developed as a risk management tool that can be used by banks when making lending decisions.
The full version of the tool available here in English.
Research project on climate change and financial stability
The Central Bank of Armenia is conducting research on the impacts of climate change on financial stability. Climate change is affecting communities worldwide, with far-reaching consequences across various economic sectors. In Armenia, as in many other countries, the financial sector is not immune to these challenges.
There is growing global recognition that climate change-induced disasters could threaten the stability of financial systems. These risks manifest through increased loan losses, the repricing of financial instruments, and potential impacts on the solvency and profitability of financial institutions. But how significant are these risks for Armenia’s financial system? Do climate risks in Armenia affect the level of non-performing loans, the volume of liquid assets?
Sustainable Bond Market Readiness Assessment Report
This report serves as a base for European Investment Bank's current Technical Assistance Assignment “Greening the Financial Systems – Armenia: Integrating Climate Risk and Fostering Opportunities for Green Finance” on assisting the Central Bank of Armenia (CBA) in developing Green Bond Guidelines. The market readiness assessment report includes desk-based research, benchmarking of international best practices, stakeholder engagement, barrier and market potential analysis, as well as formulation of recommendations.