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”.
Political economist Ann Pettifor says the collapse of Credit Suisse and other banks has shown that only the state has the firepower to address systemic problems, including climate change.
Reports are based on the ECB’s corporate securities holdings under two monetary policy programmes, its green funds portfolio and its staff pension fund.
The latest report from climate scientists also calls for “reduced mismatches between available capital and investment needs”.
The central bank will focus instead on core operations such as financial stability, markets and a digital currency.
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