Russia’s economy will lose hundreds of billions of dollars in potential growth as a result of climate change, a new report published Wednesday showed.

In its new climate resilience index, the Economist Intelligence Unit (EIU) calculated that Russia’s GDP will be 3.3% lower in 2050 than it would be without the hit to growth from environmental damage.

The report slammed Russia’s leaders for being “slow to engage with the challenges presented by climate change,” and highlighted “widespread climate change scepticism among much of the Russian business community and policymakers.”

“This scepticism is bolstered by the conviction that Russia may, in fact, benefit from climate change in some regions: for instance, the Arctic Ocean is expected to be largely ice-free and navigable in the summer months by 2025-30, which could allow for the Northern Sea Route to emerge as a major transit corridor between China and Europe,” the report said.