Central banks and climate change: Main issues and perspectives
In the last decades, during the unfolding of momentous events, we saw the growing awareness of the need for a transition to a sustainable economy. The radical economic and social change will require the mobilization of colossal resources, and hence the alignment of the financial system to this goal...
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| Language: | English |
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Associazione Economia civile
2025-01-01
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| Series: | PSL Quarterly Review |
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| Online Access: | https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/18312 |
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| author | Lorenzo Esposito |
| author_facet | Lorenzo Esposito |
| author_sort | Lorenzo Esposito |
| collection | DOAJ |
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In the last decades, during the unfolding of momentous events, we saw the growing awareness of the need for a transition to a sustainable economy. The radical economic and social change will require the mobilization of colossal resources, and hence the alignment of the financial system to this goal. Climate change also affects the functions of central banks. First of all, it can affect macroeconomic conditions, forcing a different approach to monetary policy and financial stability. Secondly, it affects the risks of banks and other financial intermediaries, thus financial supervision. Finally, the transition also affects the payment system. In this work, we will try to sum up the main topics concerning the links between central banks, the transition, and the possible objections to them. We conclude that an efficient transition requires that the financial markets business model become sustainable, a goal that becomes more difficult in the new geo-political situation.
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| format | Article |
| id | doaj-art-0366566e6b114c4d95706bce3b619b04 |
| institution | Kabale University |
| issn | 2037-3635 2037-3643 |
| language | English |
| publishDate | 2025-01-01 |
| publisher | Associazione Economia civile |
| record_format | Article |
| series | PSL Quarterly Review |
| spelling | doaj-art-0366566e6b114c4d95706bce3b619b042025-02-02T12:06:58ZengAssociazione Economia civilePSL Quarterly Review2037-36352037-36432025-01-017731110.13133/2037-3643/18312Central banks and climate change: Main issues and perspectivesLorenzo Esposito0Bank of Italy and Università Cattolica del Sacro Cuore, Milan (Italy) In the last decades, during the unfolding of momentous events, we saw the growing awareness of the need for a transition to a sustainable economy. The radical economic and social change will require the mobilization of colossal resources, and hence the alignment of the financial system to this goal. Climate change also affects the functions of central banks. First of all, it can affect macroeconomic conditions, forcing a different approach to monetary policy and financial stability. Secondly, it affects the risks of banks and other financial intermediaries, thus financial supervision. Finally, the transition also affects the payment system. In this work, we will try to sum up the main topics concerning the links between central banks, the transition, and the possible objections to them. We conclude that an efficient transition requires that the financial markets business model become sustainable, a goal that becomes more difficult in the new geo-political situation. https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/18312central bankssustainable financebanking supervisionclimate changefinancial stability |
| spellingShingle | Lorenzo Esposito Central banks and climate change: Main issues and perspectives PSL Quarterly Review central banks sustainable finance banking supervision climate change financial stability |
| title | Central banks and climate change: Main issues and perspectives |
| title_full | Central banks and climate change: Main issues and perspectives |
| title_fullStr | Central banks and climate change: Main issues and perspectives |
| title_full_unstemmed | Central banks and climate change: Main issues and perspectives |
| title_short | Central banks and climate change: Main issues and perspectives |
| title_sort | central banks and climate change main issues and perspectives |
| topic | central banks sustainable finance banking supervision climate change financial stability |
| url | https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/18312 |
| work_keys_str_mv | AT lorenzoesposito centralbanksandclimatechangemainissuesandperspectives |