Research Archive

Thermometer reading 41 degrees centrigrade
Research| January 13, 2025

NGFS Long-term Scenarios for Central Banks and Supervisors – Phase 5

Latest NGFS scenarios show climate-induced economic losses up to four times greater than under previous modelling. Urgent action is needed as sluggish progress risks increasingly disruptive transition.

Published by Network for Greening the Financial System
Damaged properties in Ortley Beach, New Jersey, following Hurricane Sandy.
Research| October 10, 2024

Acute Physical Impacts From Climate Change and Monetary Policy

Regulators are struggling to model the escalating impact climate is having on prices. This NGFS framework offers central banks tools needed to begin addressing this gap.

Published by Network for Greening the Financial System
Two men work beneath a ground-mounted solar panel surrounded by brown hills in Afghanistan
Research| July 30, 2024

Green Monetary Policy to Combat Climate Change

Theory and Evidence of Selective Credit Control

Climate change threatens price stability, this paper explains how a green monetary framework, including selective credit controls, can reduce emissions and protect prices.

Published by Journal of Climate Finance
An view from orbit of snow-covered mountains and clouds
Research| April 30, 2024

Climate-Conscious Monetary Policy

Delaying carbon taxes creates tension between price stability and climate goals, but green QE can reduce trade-offs, says this Banco de España paper.

Published by Banco de España
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
A stretch of cracked, dry earth seen from a low angle. The blazing sun hangs low in the sky and a small shrub sits near the horizon.
Research| April 18, 2024

Global Warming and Heat Extremes to Enhance Inflationary Pressures

Climate change may increase global inflation in nonlinear, persistent and varied ways, jeopardising price stability, say ECB and climate scientists.

Published by Communications Earth & Environment
Wind turbine propellers suspended from a crane as they are manouvered into position on the turbine shaft
Research| April 4, 2024

Aligning Sovereign Bond Markets With the Net Zero Transition

The Role of Central banks

Researchers discuss what role central banks can play in greening sovereign bond markets and how they can overcome the significant monetary policy.

Published by LSE Grantham Institute
An view from orbit of snow-covered mountains and clouds
Research| March 26, 2024

Climate Actions, Market Beliefs and Monetary Policy

Irrational market players wrongly perceive climate policy as a temporary shock and overlook the structural change it represents, with adverse impacts on prices and inflation.

Published by Journal of Economic Behavior and Organization
Bank of England
Research| February 13, 2024

Climate Policy at the Bank of England

Possibilities and Limits of Green Central Banking

The Bank of England should adjust its hierarchy of priorities to protect green initiatives during monetary policy tightening, finds this paper.

Published by Climate Policy
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
A group of people are sat on or standing near a line of camping chairs, looking out on a dark hillside covered in bright streaks of orange fire.
Research| November 2, 2023

Finance in a Hot House World

Finance Watch calls for economic climate models that do not mislead, scenario analyses that prepare the market, and a new loan-to-value macroprudential tool. …

Published by Finance Watch

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