About Us
The Institute for Economics of Natural Resources and Climate Change at the HSE University is a leading Russian expert and analytical centre conducting research on the impact of global climate change on the world and Russian economies, as well as on international climate policy and the green transformation of the economy. The Institute’s main mission is to consolidate and expand both fundamental and applied research in the fields of natural resources and climate change within the context of global economic challenges.
Research Areas
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The Effects of Global Decarbonisation on the Russian Economy
The Institute analyses the impact of global climate policies and decarbonisation processes on the Russian economy. Research projects include the use of general equilibrium models to assess the macroeconomic and sectoral implications of decarbonisation under various scenarios. The Institute also evaluates transition risks for specific industries and companies.
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The Water–Climate Crisis in Central Asia
The Institute studies the consequences of climate change and increasing water scarcity in Central Asia, including their implications for Russia’s economy and security. Particular attention is paid to climate adaptation in the region, international trade flows of “virtual water”, and opportunities for strengthening cooperation on climate issues within the framework of the Shanghai Cooperation Organisation (SCO).
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Climate Finance
Research focuses on the goals and instruments of international climate assistance in the context of the Paris Agreement. The Institute examines various mechanisms for mobilising private finance for climate objectives. Issues of climate and sustainable development financing are also considered within the broader framework of reforming the international financial system.
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Climate Policy Around the World
The Institute explores the policy instruments used to implement climate strategies across major countries. Special attention is given to fossil fuel–rich economies, whose experiences may serve as valuable lessons for Russia. The Institute also develops its own unique database — BRICS Climate — which tracks the climate policies of BRICS countries. Based on the assessment of climate measures worldwide, the Institute produces scenarios for global demand for low-carbon goods and technologies, as well as for critical metals and minerals.
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Climate Risk Analysis and Sustainable Development Strategies
The Institute maintains a unique ranking of Russian regions according to their need for climate adaptation. It also conducts assessments of climate risks and develops adaptation strategies for Russian regions and partner countries. Physical risks of climate change are additionally evaluated for key sectors of the Russian economy.
Master’s Programme “Environmental Economics and Sustainable Development”
Today, environmental issues have become one of the central elements of the global agenda. The ongoing green transformation of the world economy is driving profound changes in energy, transport, various industries, agriculture, and finance. ESG (Environmental, Social, and Corporate Governance) principles are becoming a key framework for corporate management, while businesses are increasingly engaging with environmental challenges as part of their competitiveness strategies. The Master’s programme is designed to train professionals with global and corporate profiles. Its goal is to prepare experts with a comprehensive understanding of the role of environmental challenges in the development of the world economy, sectoral markets, and the formation of corporate and investment strategies.
Careers at the Institute
Publications
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The Multilateralism of the New Development Bank on the Sustainable Economic Growth in BRICS Nations and Beyond
With recent transformations in the International Order signaling trends toward changes in the various dimensions of power, it is important to reflect on the initiatives of the BRICS grouping, with their challenges and potential. In this context, the functioning of the New Development Bank (NDB), often referred to as the BRICS Bank, needs to be analyzed as one of the central elements of the new trends in multilateralism. Edited by Ndivhuho Tshikovhi, Fulufhelo Netswera, Jiejin Zhu, Bruno De Conti, Rajeev Sijariya, and Maria Apanovich, the book “The Multilateralism of the New Development Bank on the Sustainable Economic Growth in BRICS Nations and Beyond” presents discussions dedicated to unraveling the complex elements of the NDB.
Emerald Group Publishing Ltd., 2025.
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Russia, China and India Partnership in the Arctic: Prospects and Opportunities for Cooperation
The melting polar environment has amplified the strategic significance of the Arctic, transforming it into a theatre for both resource extraction and great power competition. Russia, India and China are increasingly seeking strategic partnerships and economic opportunities within this region. This article explores the evolving cooperation dynamics, opportunities and challenges for these three nations in Arctic energy development and logistics, specifically within the context of Western sanctions. The study identifies a developing cooperative paradigm driven by complementary resource and technology markets, despite obstacles such as technological bottlenecks and governance limitations. Data from 2024 indicate robust growth, with the Northern Sea Route (NSR) reaching a record cargo turnover of 37.9 million tonnes. The analysis concludes that although sanctions complicate logistics and payment mechanisms, they are unlikely to disrupt long-term bilateral and trilateral cooperation, given the strong market potential and political will among the three nations.
India Quarterly. 2026. Vol. 82. No. 1. P. 45-63.
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NDB and SDGs: Does the Bank Fulfill Its Mandate
Multilateral development banks (MDBs) have long played an important role in resolving of international challenges, including though research cooperation. They are believed to be less politically engaged than bilateral development assistance programs and therefore better positioned to form the global agenda. The New Development Bank (NDB), in its turn, is an especially important player among MDBs, since it is one of the few institutions with the world's largest economies as its cofounders, but without any of the G7 economies. In 2020, it showed its ability to provide well-timed and effective loans to its members during crises, approving the first NDB Emergency Assistance Program in Combating COVID-19 in March 2020.
In this chapter, we discuss changes to the global sustainable development agenda and the NDB's contribution to sustainable development goals (SDGs) in member countries, potential instruments, and priority sectors in the longer-term and implications for the global financial architecture, given the changing global economic environment. We have looked at the alignment of NDB projects with the SDGs and concluded that the NDB primarily contributes to SDG 6, SDG 7, SDG 8, and SDG 9, with the latter leading the way with its 49 projects. This is consistent with the Bank's mandate, which highlights infrastructure as a primary sector of investment.
In bk.: The Multilateralism of the New Development Bank on the Sustainable Economic Growth in BRICS Nations and Beyond. Emerald Group Publishing Ltd., 2025. Ch. 6. P. 83-101.
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Decarbonization and Energy Policy Instruments in the EU: Does Carbon Pricing Prevail?
The issue of instrument choice is vital for climate policy. Carbon pricing is used next to a range of traditional energy taxes and renewable energy policies such as feed-in tariffs and minimal renewable generation targets. Several countries introduced carbon taxes alongside existing energy taxes such as excise duties on vehicle fuels. Since 2005, the EU Emissions Trading Scheme (EU ETS) has attached a direct price to the GHG emissions of ETS companies. The combination of multiple instruments and explicit and indirect carbon price signals created a complex and frequently changing institutional landscape that blurs the contribution of each policy instrument. Can the decarbonization of the European economy be attributed to carbon price instruments or to renewable energy policies together with other fiscal instruments? This paper clarifies the relative impact of explicit carbon price instruments (carbon taxes and EU ETS) compared to other instruments, namely renewable energy policies and indirect carbon price signals (general energy taxes). The methodology is based on the calculation of the implicit carbon price in existing fiscal systems. On the basis of panel data for 30 European countries 1995–2016, several fixed-effect regression estimations were performed. The results indicate a greater but decreasing impact of price instruments on carbon intensity compared to renewable energy policies and a greater but decreasing relative impact of indirect price signals compared to explicit ones.Economics. EC. Высшая школа экономики, 2019. No. 211.