Research Archive

An aerial view of hundreds of shipping containers of different colours, arranged in neat rows
Research| August 23, 2024

The Globalization of Climate Change

Amplification of Climate-related Physical Risks Through Input-Output Linkages

Climate economic models widely underestimate physical risks by ignoring global supply chain interconnections, which can potentially amplify GDP losses up to 30 times.

Published by European Central Bank
Hand removes blocks with the word Risk
Research| July 3, 2024

Designing a Macroprudential Capital Buffer for Climate-related Risks

ECB researchers present a detailed methodology for calibrating systemic risk buffers to address climate-related financial risks, bridging a critical gap in research.

Published by European Central Bank
Road sign saying 'Electric vehicle charging only'
Research| April 30, 2024

The Green Transition and Inflation in the Euro Area

European central banks can support net zero without derailing price stability as higher carbon prices will have only a modest inflationary impact, says the IMF.

Published by International Monetary Fund
Six small coloured hexagon tiles arranged in a larger hexagon bearing icons representing different aspects of environment, social and governance issues. A seventh tile reading 'ESG' is being placed by someone's hand.
Research| February 8, 2024

Do Debt Investors Care About ESG Ratings?

Downgrades to ESG ratings increase the cost of debt for US listed firms, with spillover effects for unlisted ones, says this ECB working paper.

Published by European Central Bank
Smoke pours from a slender an industrial red and white chimney stack against a deep blue sky
Research| February 1, 2024

Do Banks Practise What They Preach?

Brown Lending and Environmental Disclosure in the Euro Area

Banks less engaged with environmental risks use positive language in disclosure reports to mask a lack of action, says this BIS paper.

Published by Bank of International Settlements
A man stands in floodwater
Research| January 4, 2024

Financial Innovation for Climate Justice

Central Banks and Transformative ‘Creative Disruption’

Central banks can harness creative disruption, financial innovation and a climate justice approach to avert global financial crises, as policy experts explain in this paper.

Published by Climate and Development
Two people wearing pink overalls and protective caps, examining solar panels in a factory
Research| November 21, 2023

Low Carbon Allocation in the Implementation of Monetary Policy

This paper reviews monetary and macroprudential tools, such as targeted green refinancing, that the ECB can use to speed up the green transition while maintaining price stability.

Published by European Parliament
Flooding in a street in Steyr, Austria.
Research| October 12, 2023

How Climate Change Affects Potential Output

Climate change and the actions taken to tackle it will cause structural changes to the economy with “profound effects” on potential output, says this ECB report.

Published by European Central Bank
Research| October 11, 2023

Green ECB Speeches Matter

The ECB’s green speeches have a “substantial and statistically significant impact” on stock returns and can be used to further green goals, finds this paper by senior officials at Hungary’s central bank.

Published by Magyar Nemzeti Bank
A row of digniatires holding hands with their arms raised at the Paris Cop meeting in 2015
Research| September 7, 2023

The ECB Paris Gap: Substantive but Treatable

This report proposes that the European Central Bank align with its primary and environmental mandates by adopting climate neutrality principles and increasing the scope and urgency of its decarbonisation plans.

Published by Greenpeace, SOAS, University of Greenwich, University of the West of England
Large ocean waves crashing against a row of houses
Research| September 4, 2023

Climate Change and Sovereign Risk

Climate change creates substantial sovereign credit risks which should be reflected in banks’ capital provisions and central banks’ prudential policy and risk management.

Published by European Central Bank

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