Managing reserves amid climate change and home-shoring

Central banks can still make asset allocations with solid climate outcomes, despite the slippage in net-zero timetable, writes Gary Smith

The COP 28 conference in Dubai

The consequences of the 2022 Russian invasion of Ukraine have been multiple and interrelated. The war triggered a spike in fuel prices and a jump in bond yields. It also signalled an accelerated slippage in national net-zero ambitions as governments scrambled to extend the life of their domestic fossil fuel industries. In many nations, the urgency of meeting energy security ambitions has outweighed the importance of reaching a long-term carbon reduction target.

To reach net-zero carbon targets on

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