Is independence compatible with climate action?
Lessons from China indicate relationship between governments and central banks may need to change, argues Mathias Larsen
Climate change has become a concern for central banks, at least rhetorically.
However, the only central bank that meaningfully acts to address climate concerns is the People’s Bank of China (PBoC). Is it perhaps not a coincidence that the only central bank taking substantive climate action is one of the few that makes no claim to independence? If not, central bank independence may need to be revisited to be compatible with efforts to tackle climate risks.
Globally, climate action by central banks
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