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Fixing the tragedy of the horizons

By Jon Hay 09 Jul 2021 Central banks have become integral to the fight against climate change in financial markets. Participants now expect them to wield their immense influence through many avenues of their work economic analysis, metrics, supervision, investment and even monetary policy. None of this is explicitly in the mandate of any central bank. In the past four years, first a few central banks and now many have rethought and reinterpreted their mandates, in light of the realisation that climate change poses an existential threat to our way of life and hence, inevitably, to financial and price stability. The main channel for that rethinking has been the Central Banks’ and Supervisors’ Network on Greening the Financial System (NGFS), formed in December 2017 by institutions from eight countries, which now has members from some 70 jurisdictions.

Red states, blue states, green States?

By Jon Hay 17 Dec 2020 After four years of the US government noisily refusing to protect humanity from climate change and pushing back on responsible investing, sustainable finance supporters are full of hope that Joe Biden’s presidency will shift the US and the world in the right direction. Jon Hay reports Capital markets players are convinced the US’s long wandering in the wilderness as the world’s chief renegade on climate change is coming to an end. The election of Joe Biden as president though without control of the Senate, barring great luck for the Democrats in January’s Georgia run-offs has wrested power from the most aggressive enemy of climate policy among world leaders and given it to a candidate who knows the urgency of action.

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