Featured Story
Speaker at the ECB Forum on Central Banking in 2014
September 24, 2021

Climate central to upcoming ECB Forum on Central Banking

Climate change is likely to be central to next week’s ECB Forum on Central Banking. The online conference, normally held in Sintra, Portugal, will focus on the future of monetary policy and includes a panel on Climate Policies and Monetary …
Bank of England, Bank of Japan, European Central Bank, Federal Reserve
Featured Story
September 24, 2021

Weekly roundup: BoJ to begin climate loans scheme and Biden picks climate-friendly regulator

Brazil’s banks told to begin climate stress tests, adverse weather a factor in Mexico monetary policy and more from this week in green central banking.
Reserve Bank of India, Banco Central do Brasil, Bank of Japan, European Central Bank, Federal Reserve
Featured Story
September 23, 2021

ECB releases results of economy-wide climate stress test

The ECB has released results of an economy-wide climate stress test examining climate impacts on four million firms and 1,600 euro area banks. It finds the costs of climate change far outweigh the costs of a low-carbon transition.
European Central Bank

Latest News

The European Central Bank in Frankfurt
September 21, 2021

New ECB climate and monetary policy analysis released

The ECB has published a substantive review and analysis of climate change and monetary policy in the euro area, identifying potential problems with monetary policy transmission as a result of climate-related impacts.
European Central Bank
Central Bank of Luxembourg warns on climate change
September 20, 2021

Luxembourg banks unprepared for climate risks

The climate strategies of Luxembourg’s banks and investment funds are “timid, or even non-existent,” according to an analysis published in the Banque Centrale du Luxembourg’s latest Financial Stability Review.
Central Bank of Luxembourg, European Central Bank
Arctic climate change
September 17, 2021

Weekly roundup: Climate risk weighting and Lagarde on price stability

Finance Watch’s Thierry Philipponnat on climate risk weighting in capital allocations, a new Chair of the Fed’s Financial Stability Climate Committee, Christine Lagarde on price stability, and more from this week in green central banking.
Bangladesh Bank, Bank of Finland, Bundesbank, European Central Bank, Federal Reserve
A pedestrian walks past the Reserve Bank of Australia
September 17, 2021

RBA governor warns of rising climate cost of capital

Global investors and policy makers are closely watching Australia’s climate change policies, according to Philip Lowe of the Reserve Bank of Australia.
Reserve Bank of Australia
An oil rig at sea with the sun setting
September 16, 2021

US representatives introduce Fossil Free Finance Act

US House Democrats have introduced a bill that would require the Federal Reserve to force large banks to align their financing of fossil fuel and deforestation activities with science-based emissions targets.
Federal Reserve

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The 2021 Scorecard

Rank Country Aggregate Score (out of 130) Grade (A+ to F) Research and Advocacy (out of 10) Monetary Policy (out of 50) Financial Policy (out of 50) Leading by Example (out of 20)
4 United KingdomUnited Kingdom 38 D+ 10 4 19 5
5 European UnionEuropean Union 33 D+ 10 2 15 6

Latest Research

The Price of Hesitation: How the Climate Crisis Threatens Price Stability and What the ECB Must Do about It

September, 2021

This paper reveals how the ability of the European Central Bank to control inflation may be significantly undermined if the world passes the 1.5ºC warming threshold.

Written by SOAS University of London, Greenpeace, German Institute for Economic Research

NGFS Climate Scenarios: pushing financial players into taking a risky gamble

August, 2021

This Reclaim Finance report assesses the credibility of the NGFS’ latest climate scenarios for central banks and supervisors, finding them heavily reliant on unproven carbon capture and storage at scale and on the unsustainable use of biomass for energy production.

Written by Reclaim Finance

Quantitative Easing and Nature Loss

July, 2021

This pioneering report is the first ever study of nature-related financial risks on a central bank’s balance sheet, assessing the risks and impacts of the European Central Bank’s €310 billion corporate bond portfolio. 

Written by Institute for Innovation and Public Purpose, UCL