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The role of central banks in scaling up sustainable finance – what do monetary authorities in the Asia-Pacific region think?

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  • Aziz Durrani
  • Masyitah Rosmin
  • Ulrich Volz

Abstract

This article presents the findings of a survey among 18 central banks from the Asia-Pacific region regarding their views on approaches to scale up sustainable finance and develop policies to address climate and environmental risks. It also reviews recent developments in selected Asia-Pacific countries to illustrate actions monetary and financial authorities have already taken to address climate and environmental risk, and in scaling up sustainable finance. The survey results show that this is a topic of increasing importance and relevance to monetary authorities in the region. The vast majority of survey respondents believe that they should be playing a key role in promoting green finance and sustainable funding options, either through amending the regulatory framework, encouraging green loans and products or by introducing climate change considerations in their monetary and financial policy operations.

Suggested Citation

  • Aziz Durrani & Masyitah Rosmin & Ulrich Volz, 2020. "The role of central banks in scaling up sustainable finance – what do monetary authorities in the Asia-Pacific region think?," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 10(2), pages 92-112, April.
    • Handle: RePEc:taf:jsustf:v:10:y:2020:i:2:p:92-112
    DOI: 10.1080/20430795.2020.1715095
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    Citations

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    Cited by:

    1. Xiang-li Lim & Vatcharin Sirimaneetham, 2021. "Securing green development: Can Asia-Pacific central banks and financial supervisory authorities do more?," Asia-Pacific Sustainable Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 28(2), pages 69-111, December.
    2. Ruoyun Liu & Zhan Wang & Stavros Sindakis & Saloome Showkat, 2024. "Unlocking Financial Inclusion Through ICT and Mobile Banking: A Knowledge-Based Analysis of Microfinance Institutions in Ghana," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 9723-9755, June.
    3. Marie-Elisabeth De la Serve & David Revelin & Karim Triki, 2021. "Green finance in the Asia-Pacific region: mobilisation spearheaded by central banks and supervisory authorities [Finance verte en Asie-Pacifique : la mobilisation portée par les banques centrales e," Bulletin de la Banque de France, Banque de France, issue 237.
    4. K. M., Mahesh & Aithal, Sreeramana & Sharma, KRS, 2022. "Impact of Sustainable Finance on MSMEs and other Companies to Promote Green Growth and Sustainable development," MPRA Paper 112058, University Library of Munich, Germany.
    5. Felipe Arias Fogliano de Souza Cunha & Erick Meira & Renato J. Orsato, 2021. "Sustainable finance and investment: Review and research agenda," Business Strategy and the Environment, Wiley Blackwell, vol. 30(8), pages 3821-3838, December.
    6. Shangram Bahadur Shah & Jirakiattikul Sopin & Kua-Anan Techato & Bibek Kumar Mudbhari, 2023. "A Systematic Review on Nexus Between Green Finance and Climate Change: Evidence from China and India," International Journal of Energy Economics and Policy, Econjournals, vol. 13(4), pages 599-613, July.
    7. Carnevale, Concetta & Drago, Danilo, 2024. "Do banks price ESG risks? A critical review of empirical research," Research in International Business and Finance, Elsevier, vol. 69(C).
    8. Mehar, Muhammad Ayub, 2021. "COVID-19, Digital Transactions, and Economic Activities: Puzzling Nexus of Wealth Enhancement, Trade, and Financial Technology," ADBI Working Papers 1294, Asian Development Bank Institute.
    9. Chang, Lei & Taghizadeh-Hesary, Farhad & Chen, Huangen & Mohsin, Muhammad, 2022. "Do green bonds have environmental benefits?," Energy Economics, Elsevier, vol. 115(C).
    10. Flögel Franz & Schepelmann Philipp & Zademach Hans-Martin & Zörner Michael, 2024. "Injecting climate finance into SME lending in Germany: Opportunities for and limitations of regional savings and cooperative banks," ZFW – Advances in Economic Geography, De Gruyter, vol. 68(2), pages 111-123.
    11. Jaweria Yameen & Ploypailin Kijkasiwat & Anwar Hussain & Muhammad Azhar Farooq & Tahira Ajmal, 2024. "Green finance in banking industry: a systematic literature review," SN Business & Economics, Springer, vol. 4(8), pages 1-28, August.
    12. Mertzanis, Charilaos, 2024. "Central bank policies and green bond issuance on a global scale," Energy Economics, Elsevier, vol. 133(C).
    13. Anh Huu Nguyen & Mai Hoang Thi Do & Thinh Gia Hoang & Loan Quynh Thi Nguyen, 2023. "Green financing for sustainable development: Insights from multiple cases of Vietnamese commercial banks," Business Strategy and the Environment, Wiley Blackwell, vol. 32(1), pages 321-335, January.
    14. Carè, R. & Fatima, R. & Boitan, I.A., 2024. "Central banks and climate risks: Where we are and where we are going?," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 1200-1229.

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