Monetary policy, environmental sustainability and the climate emergency

Malcolm Sawyer

Chapter 2 in Central Banking, Monetary Policy and the Environment, 2022, pp 54-71 from Edward Elgar Publishing

Abstract: The arguments for an 'independent central bank' are severely undermined when monetary policy and the climate emergency are under the spotlight. There is discussion of taxonomies for environmentally friendly ('green') investments. There is only a very limited contribution from 'green QE' to tackling the climate emergency. The potential use of forms of credit guidance and controls as part of monetary policy is then considered. The responsibilities of central banks for financial stability have implications for dealing with financial instability arising from revaluation of 'stranded assets'.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2022
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