Central banks and regulatory authorities should do more to combat climate change
ECO has studied how central banks and major financial supervisory authorities take environmental and social risks into account in their work. There is a lot of catching up, especially in monetary policy.
There is great concern about the climate in Switzerland. Here is a photo from the fall 2019 national climate strike.
Photo: Anthony Annex (Keystone)
Central banks and financial supervisors in the 38 countries examined by the WWF use few of their tools to take action against environmental and social risks. This is evidenced by a new study by the Environmental Protection Agency. While financial supervisory authorities are increasingly taking climate risks into account, the study sees the greater need to improve monetary policy. Compared to the supervisory authorities, Switzerland falls within the group of leading countries, but only in the middle in terms of monetary policy according to the study.
In 13 of the 38 countries surveyed, financial regulators have implemented sustainable banking regulations that apply to all of these financial institutions. In 24 of the countries examined, there are guidelines on how banks should take climate risk into account in their strategy. In almost all countries, financial institutions are required to publish information on how to deal with climate risks.
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