Other than a mention by ECB president Christine Lagarde, climate change was not on the agenda at this year’s Jackson Hole summit. …
Climate stress test by Hungary’s central bank shows its financial institutions would be resilient in the event of a carbon price shock, with further green transition measures planned.
In an NGFS survey, most central banks reported economic damages from acute climate events and ambitions to develop green monetary policies.
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.
Republican senators condemn the Federal Reserve’s climate stress tests as politically motivated, demanding that chairman Jerome Powell “reign in the Fed’s regional banks”.
Christopher Waller said he believes that the “risks posed by climate change are not sufficiently unique or material to merit special treatment”.
The Monetary Authority of Singapore and the People’s Bank of China have launched a green finance taskforce for a ‘low-carbon future’.
The Monetary Authority of Singapore added transition finance to its net-zero action plan and will expand its sustainable bond and loan grant schemes.
The Australian government aims to generate climate finance investments to drive the country’s net-zero transition
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”.
Advocates note “the window for reallocating capital in line with a 1.5ºC transition is narrow, and current action is falling short”.
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