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Central Banking and Climate Change

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  • Stuart P.M. Mackintosh

Abstract

A central bank revolution on climate change policy parallel to the 2015 Paris Agreement on steps to limit global temperature increases in this century may be under way, to achieve the essential collective carbon neutrality goals. In 2015 Mark Carney, governor of the Bank of England, warned of a series of climate change-related risks to the financial sector which could result from the process of adjustment towards a lower-carbon economy. A new organisation, the Network for the Greening of the Financial System (NGFS), was announced by eight central banks and supervisors in December 2017, growing to 46 by September 2019. The world’s central banks can and should set incentives to penalise carbon polluters and support the transition to a carbon-neutral economy. Empirical evidence demonstrates changing incentives are effective in changing investment behaviours.

Suggested Citation

  • Stuart P.M. Mackintosh, 2019. "Central Banking and Climate Change," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 20(4), pages 25-42, October.
    • Handle: RePEc:wej:wldecn:761
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    Cited by:

    1. Dr. Ulrike Lehr & Maximilian Banning & Prof. Dr. Jürgen Blazejczak & Dr. Dietmar Edler & Dr. Markus Flaute, 2020. "Analyse der deutschen Exporte und Importe von Technologiegütern zur Nutzung erneuerbarer Energien und anderer Energietechnologiegüter," GWS Research Report Series 20-2, GWS - Institute of Economic Structures Research.
    2. Sara Arphorn & Aniruth Manothum & Kotchakorn Santiwung & Kanograt Pangunta & Kunio Hara & Tomohiro Ishimaru, 2021. "Working Conditions and Urinalysis Dipstick Testing among Female Rice Farmers: A Preliminary Cross-Sectional Study," IJERPH, MDPI, vol. 18(17), pages 1-10, August.
    3. Daniel P. Johnson, 2022. "Population-Based Disparities in U.S. Urban Heat Exposure from 2003 to 2018," IJERPH, MDPI, vol. 19(19), pages 1-20, September.
    4. Pollard, Ciarán P. & Griffin, Christine T. & Andrade Moral, Rafael de & Duffy, Catriona & Chuche, Julien & Gaffney, Michael T. & Fealy, Reamonn M. & Fealy, Rowan, 2020. "phenModel: A temperature-dependent phenology/voltinism model for a herbivorous insect incorporating facultative diapause and budburst," Ecological Modelling, Elsevier, vol. 416(C).
    5. Vogt, Christine A. & Andereck, Kathleen L. & Pham, Kim, 2020. "Designing for quality of life and sustainability," Annals of Tourism Research, Elsevier, vol. 83(C).
    6. Le, Anh-Tuan & Tran, Thao Phuong & Mishra, Anil V., 2023. "Climate risk and bank stability: International evidence," Journal of Multinational Financial Management, Elsevier, vol. 70.

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