Flashback to @NGFS_ report "Adapting central bank operations to a hotter world: reviewing some options".

Highlights from @FrankElderson and Sabine Mauderer's join foreword.

(1/7)

https://www.ngfs.net/sites/default/files/medias/documents/ngfs_monetary_policy_operations_final.pdf

"The urgency to act is greater than ever: climate risks no longer lie beyond the horizon, they are already materializing. The time to take action is now."

(2/7)

"Our members are more determined than ever to get active, pressing ahead with concrete proposals on how to better account for climate-related risks in central banking and banking supervision."

(3/7)

"We strongly believe that now is the time for central banks to seriously consider how the progress made in reflecting climate-related risk in supervisory and macroprudential methods can be matched by similar steps in monetary policy operations."

(4/7)

"Practitioners from the central bank community reviewed collateral and counterparty policies, asset purchases and credit operations with a view to offering a menu of options for climate-related adjustments in more concrete terms."

(5/7)

"Regardless of their specific roles and mandates, central banks ought to be aware of climate risks that could threaten the integrity of their balance sheets."

(6/7)

"While we cannot take on the tasks of governments, we also cannot be mere bystanders in the transition to a net zero economy. It is our responsibility to take on the challenge we are facing as publicly accountable institutions, serving our societies."

(7/7)