Beyond climate: addressing the ‘E’ in ESG

Environmental degradation raises fundamental questions about how central banks think about risk

In 1995, wolves were reintroduced to Yellowstone National Park in the US. Since the wolves’ eradication by hunting 70 years earlier, the elk population had grazed uninterrupted across the land, stripping away underbrush and young trees, and damaging willow stands, which are critical to local beaver populations.

Scientists watched as the wolves set off a ‘trophic cascade’. The presence of predators kept the elk on the move, which allowed willow stands to recover. In turn, that allowed beavers to

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account