Facilitating the Transition to Net Zero and Institutional Change at the Bank of England
The Bank of England’s new environmental remit has not catalysed the bold change to monetary policy needed to meet net-zero targets, say political economists in this paper.
Climate-related Risks and the Regulatory Capital Framework
Gaps in the understanding of climate risks create uncertainty over capital requirements and macroprudential policy. This Bank of England report states that firms and regulators must improve their climate risk management.
The Impact of Climate Change on Price Stability
Informed by central bankers, this literature review of climate change and inflation studies finds that climatic effects on prices already exist and that climate issues should be incorporated into monetary policy.
Green Credit Guidance
This report argues for targeted credit policies and shows how the Bank of England can green its term funding scheme, beginning with a pilot programme for energy efficient building retrofits.
Preventing a ‘Climate Minsky Moment’: Environmental Financial Risks and Prudential Exposure Limits
Central banks can avoid a ‘climate Minsky moment’ by placing soft limits on banks’ exposures to transition-sensitive sectors, according to LSE’s Grantham Institute.
Beyond the Debt Controversy: Re-Framing Fiscal and Monetary Policy for a Post-Pandemic Era
The UK government can deploy the spending necessary to reach its net-zero goals despite current debt-to-GDP levels being relatively high, according to this paper from the Centre for the Understanding of Sustainable Prosperity.
An Environmental Mandate, Now What? Alternatives for Greening the Bank of England’s Corporate Bond Purchases
This paper examines the Bank of England’s plans to implement its new environmental mandate by greening its corporate bond purchases, and warns that the impact will be limited.
Unused Tools: How Central Banks Are Fuelling the Climate Crisis
Central banks could play a critical role in catalysing the rapid shift of financial flows away from fossil fuels, but have instead been tinkering at the edges, according to Oil Change International.
Economic Impacts of Tipping Points in the Climate System
Climate tipping points are one of the principal reasons for concern about climate change but have mostly been ignored by climate economists until recently, this report observes.
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