Research Archive
The Macroprudential Challenge of Climate Change
This joint ECB/ESRB report examines how climate shocks can affect the European financial system, identifies transmission channels and amplifiers of climate risk and finds significant threats to European financial stability.
Inflation and Climate Change
This policy briefing examines the lack of climate-related input into conventional central bank macroeconomic and inflation modelling, offering recommendations to better integrate climate-related risks into forecasting frameworks.
Transition Versus Physical Climate Risk Pricing in European Financial Markets
This ECB study analysed climate-related news stories to build new climate risk indicators and compare them against equity returns, revealing that climate risk premiums have existed since 2015.
Capturing Risk Differentials from Climate-related Risks
This Network for Greening the Financial System report examines the case for overhauling central banks’ capital requirements and buffers based on climate considerations. …
The Double Materiality of Climate Physical and Transition Risks in the Euro Area
This ECB working paper examines how bank climate risk assessments and company carbon pricing expectations affect investment decisions, the economy and climate mitigation trajectories.
Include Mandatory Banking Transition Plans Within Pillar 2
This paper by the Institute for Climate Economics makes the case for climate transition plans to be fully integrated into prudential regulation for banks in the European Union.
Climate Roadmap: Now What?
This policy document from 17 major civil society groups outlines four core principles and five key recommendations on how the ECB can accelerate its climate action and reduce fossil fuel inflation.
Green Mortgages, EU Taxonomy and Environment Risk Weighted Assets: A Key Link for the Transition
This original and timely paper introduces an environment risk weighted assets tool that financial regulators could use almost immediately to help banks green their portfolios by lending to households to reduce energy use and emissions.
The Role of Central Banks’ Credit Rating in Mitigating Climate and Environmental Risk
This report examines credit assessments in the Eurosystem’s collateral framework, showing how the ECB and national central banks can integrate environmental criteria into their ratings.
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