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Central banks, climate risks and sustainable finance

Enrico Bernardini (), Ivan Faiella, Luciano Lavecchia (), Alessandro Mistretta and Filippo Natoli ()
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Enrico Bernardini: Bank of Italy

No 608, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: In the last few years, the climate changes under way and the transition towards a sustainable economic development model have become of great importance for the financial system, involving central banks as well. The latter, whose interest is demonstrated by the work of the Network for Greening the Financial System (NFGS), are taking on the challenges posed by these events as part of their institutional and investment activities. By means of internal study projects and by taking part in the most important round tables at national and international level, the Bank of Italy is helping to analyse the risks that climate change creates for the economic and financial system. In addition, and in line with the recent developments in sustainable finance, it has also integrated sustainability criteria into its investment decisions. This paper aims to give an account of the evidence collected so far on the risks and opportunities linked to climate change and sustainable finance, highlighting what has already been done and what else can be done to put these issues on the agenda of central banks.

Keywords: Bank of Italy; central banks; climate risks; sustainable finance (search for similar items in EconPapers)
JEL-codes: G21 G28 Q54 (search for similar items in EconPapers)
Date: 2021-03
New Economics Papers: this item is included in nep-env and nep-fdg
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