Central Banks and Climate Change: Key Legal Issues

Mario Tamez, Hans Weenink and Akihiro Yoshinaga

No 2024/192, IMF Working Papers from International Monetary Fund

Abstract: Well-designed legal frameworks and institutional arrangments support the legitimacy of central banks’ autonomous decision-making when grounded on sound legal basis and can prevent over-stepping in the remit of other authorities. This paper explores the key legal intersections of climate change and central banks. Climate change could impact price and finanical stability, which are at the core of a central bank’s mandate. While central banks’ legal frameworks can support climate change efforts they also determine the boundaries of the measures they can adopt. Central banks need to assess their mandate and authority under their current legal frameworks when considering measures to contribute to the global response to climate change, while taking actions to fulfill their legal mandates.

Keywords: Climate Change; Central Bank; Legal Framework; central bank development programs; autonomous decision-making; IMF working paper No. 24/192; central bank's mandate; core objective; Financial sector stability; Climate policy; Central bank mandate; Central bank legislation; Global (search for similar items in EconPapers)
Pages: 46
Date: 2024-09-09
New Economics Papers: this item is included in nep-ban, nep-cba, nep-env, nep-ipr and nep-mon
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