The Fed’s inaugural climate scenario analysis exercise and an ECB deadline on banks’ management of climate risks are among the key milestones in green central banking in the year ahead.
The Fed has released the scenarios that the largest US banks will have to consider to determine their resilience to climate change.
In a new report, Positive Money US argues that fossil fuels are a major driver of price instability and provides policy recommendations.
Jerome Powell in a speech on central bank independence declared that “we are not, and will not be, a ‘climate policymaker.’”
Following other financial regulators, the Federal Reserve has released draft principles to guide large US banks in managing their climate-related financial risks.
Supply disruptions as a result of climate change could contribute to price instability, Federal Reserve vice chair Lael Brainard has told the Bank for International Settlements’ annual conference.
The report finds that the US central bank has still taken no action at all to consider climate change when conducting monetary policy.
Work to green the ECB’s monetary policy has put Eurosystem central banks at the top of the 2022 Green Central Banking Scorecard as China, the Us, Brazil and India all fall in the rankings.
Civil society groups are questioning the effectiveness of rate hikes, instead calling for targeted support to address fossil fuel dependency, climate change and other root causes of supply shock inflation.
The New York Fed on funding energy efficiency renovations, the BdF’s deputy governor on tipping points and transformative change, a prototype BIS green bond platform, and more from this week in green central banking.
A new paper from Fed supervision committee member Kevin Stiroh has found that double materiality is important for macroprudential objectives and incorporating it into policy would constrain environmentally damaging activities.
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