Since the adoption of the Paris Agreement in 2015, climate change has been extensively acknowledged worldwide as a cause of perturbations for our economic structure, and a cause of disruption of our financial system. The increasing number of memberships of the Network for Greening the Financial System, from 8 in December 2017 to 121 in October 2022, brings evidence on the fact that central banks take climate change as an increasing threat that should be kept under surveillance.

Climate change is not traditionally a part of central banks’ mandate of price and financial stability. Even if an increasing number of studies show find convincing evidence about the link between climate change, the financial system and the real economy, understanding the interconnections between all these angles can still be improved, notably with new and more precise data needed to put in place monetary and prudential tools (Campiglio et al. (2018); Chenet et al. (2021); Weitzman (2009)). But far from ignoring it, central banks have started to communicate about climate change.