Changement climatique: quel rôle pour les banques centrales ?

Sabine Mauderer, David Döhrmann and Joschka Gerigk

Revue d'économie financière, 2021, vol. N° 144, issue 4, 179-190

Abstract: Greenhouse gas emissions do not cost anything to their emitters, so climate change is a good example of an externality: in their individual choices, economic agents do not sufficiently take into account the damage that their choices cause to the environment. The Paris Agreement was a giant step forward, but it must be followed by rapid collective action. The transition to carbon neutrality requires a global effort from all sectors. This includes the finance industry, whose central role was first highlighted in Article 2.1c of the Paris Agreement, which calls for ?financial flows consistent with a pathway to low greenhouse gas emission and climate resilient development? (UNFCCC, 2015). In other words, the financial system must play a key role in supporting economic transformation. Climate change has implications for the missions and operations of central banks. Moreover, while the topic of climate change is relatively new to central banks, it is nevertheless a concept deeply rooted in their traditional mandates and therefore does not constitute a new doctrine or require its invention. Rather, it is a modern and timely interpretation of central banks' long-standing objectives, which primarily require them to preserve price stability and sometimes also to facilitate sustained growth, promote employment or preserve financial stability. Classification JEL: E40, E50, E52, E58, E60

JEL-codes: E40 E50 E52 E58 E60 (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=ECOFI_144_0179 (application/pdf)
http://www.cairn.info/revue-d-economie-financiere-2021-4-page-179.htm (text/html)
free

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:refaef:ecofi_144_0179

Access Statistics for this article

More articles in Revue d'économie financière from Association d'économie financière
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().