Category: Central banks
Report finds ‘few central banks have decided significant climate action’ but most plan stress tests Report finds ‘few central banks have decided significant climate action’ but most plan stress tests Report finds ‘few central banks have decided significant climate action’ but most plan stress tests
Feb 19th, 2020
Central banks should look at the role of climate change in monetary policy decisions, the German central bank has said in a report published today.
Tackling Climate Change: The role of banking regulation and supervision surveyed 33 central banks and supervisory authorities across six regions, representing 77% of global GDP, to establish their views and efforts on the topic. It was conducted by global auditor Mazar and financial think-tank OMFIF.
82% of respondents are members of the Network for Greening the Financial System (NGFS), the central banking coalition created in 2017 and whose members have ballooned nine-fold to 54.
In the report, Sabine Mauderer, Executive Board of the Deutsche Bundesbank and Chair of the Network for Greening the Financial System’s workstream on scaling up green finance, warns: “Central banks must take responsibility in their role as financial supervisors and guardians of financial stability. We must examine the…