Аннотация:In the recent years central banks are becoming increasingly more involved in climate policy. Inthis paper we investigate how climate shocks can affect financial stability and how this relates tocurrent mandates of central banks. Based on a thorough review of recent empirical evidence andtheoretical frameworks we come to the conclusion that climate change and climate policy canhave a negative impact on financial system through increased debt-to-equity rate, cost of capital,financial risks etc. In addition, we consider various «green» practices implemented by centralbanks across the globe and estimate their effectiveness on theoretical and empirical level. Basedon this analysis we propose a set of measures for central banks that aim to offset climate-relatedstress to the financial system. In particular, we provide a set of recommendations for the centralbank of Russia, which is especially affected by transitional climate-related risks.