The ECB’s second climate stress test found that a faster transition towards a green economy would cost less than delaying the move. …
Other than a mention by ECB president Christine Lagarde, climate change was not on the agenda at this year’s Jackson Hole summit. …
The ECB’s failure to remove bonds issued by carbon-intensive companies from its portfolio goes against its climate plans, says finance campaigner Kuba Gogolewski from Greenpeace.
Not all eurozone central banks are as active as the European Central Bank on climate-related policies, and some are even blocking progress, says Clarisse Murphy of Reclaim Finance.
The ECB’s latest report supplements current data establishing an interdependent relationship between nature and risks posed to the financial system.
A new paper from the ECB predicts that the warming climate will result in higher levels of annual food prices and overall inflation on a global scale.
Repeated droughts and the highest inflation rates of the 21st-century increase concerns about climateflation. …
Elderson says the EU is losing the “race against the clock” to close the climate finance gap, underlining the need for immediate action to align with the Paris Agreement.
The ECB board member also said that central banks should provide market incentives to induce changes in the financial industry but that they can’t be the only institutions inciting change. …
The European bodies have called for governmental action to increase the use of climate catastrophe insurance.
The ECB board member also argued that central bankers are “climate and environmental policy takers”, in that they “need to take climate and environmental factors into account”.
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