Climate change and the role for central banks

Gavin Bingham, Andrew Large and Paul Fisher explain how climate change affects central banks and the competing tensions it raises in relation to policy responses

Climate change is one of the great challenges to modern society, often rated (eg, at the World Economic Forum) alongside nuclear war, pandemics and cyber attacks (see box, below: The climate challenge). But is climate change an appropriate issue for central banks and financial regulators?

The double materiality arguments

The case against. Those who argue against any central bank involvement in the climate issue argue that ‘the cobbler should stick to his last’.1 They contend there is a

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