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Green Central Banking @greenCB
Joined March 2021
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The EU omnibus removed the obligation for companies to adopt a climate transition plan. But that does not mean banks no longer need transition plans, experts say. greencb.co/4rLeSD5

What happens to climate transition plans in the wake of the EU omnibus?

The omnibus may have removed the obligation of climate transition plans, but companies and banks still need them.

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#GreenCentralBanking roundup: 🇳🇬 Climate risk is financial risk, says Central Bank of Nigeria governor 🇪🇺 ECB staff flag concerns over simplified sustainability reporting standards 🇦🇺 Australia launches sustainable investment labelling consultation greencb.co/4aPSDVs

Roundup: 'Climate risk is financial risk,' says Nigeria central bank governor

African central bankers say climate change is a financial stability imperative, while the continent’s leaders endorse a continental water security framework, and ECB staff raise concerns over ESRS...

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Without clearer criteria and metrics in adaptation taxonomies, Asia risks widening its climate financing gap, warns a new report by the Institute for Energy Economics and Financial Analysis (IEEFA). greencb.co/4qSW6sf

Gaps in adaptation taxonomies hinder climate finance in Asia: report

Weak and inconsistent adaptation criteria and outcome metrics are constraining climate finance to vulnerable Asian economies, according to a new report.

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Almost half the world’s population will be living with extreme heat by 2050, according to a new study. The economic impact could be felt soon in developing countries due to rising demand for energy to power air conditioning. greencb.co/4kDpTDH

Extreme heat forecasts suggest bigger economic impact in developing world

Four billion people could live with extreme heat by 2050 if global warming continues and that could have bigger consequences on the economy.

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🇪🇺 The @ECB has issued a second fine for not adequately assessing climate and environmental risks. A €7.6mn periodic penalty payment was issued to Crédit Agricole on Friday for failing to meet a materiality assessment for 75 days in 2024. greencb.co/3ZCfcYz

ECB fines Crédit Agricole for failing to address climate risk

The ECB fined Crédit Agricole €7.6mn for not meeting a deadline regarding a material assessment of its climate risks.

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Despite the protection gap closing slightly in some parts of the world, Asia’s emerging markets remain among the least insured against extreme weather risks. greencb.co/4tBICDE

Insurers’ climate repricing calls for new methods to close Asia’s protection gap

Asia’s emerging markets are among the least insured against extreme weather risks, leading to calls for adaptation and public intervention.

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🇪🇺 The @ECB executive board is facing a reshuffle in the next few years, @MoriahCosta looks at how the changes might shift how the bank thinks about climate? greencb.co/4cidHGk

Could the ECB executive board reshuffle shift how it thinks about climate?

The European Central Bank executive board is facing a reshuffle in the next few years, with most of its members being replaced. While experts don't expect

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#GreenCentralBanking roundup: 🇯🇲 Jamaica’s sovereign rating holds thanks to disaster preparedness 🇮🇳 India defers climate disclosure rules for banks 🇬🇧 FCA proposes phased approach for UK sustainability standards And more 👇 greencb.co/4aFir7H

Roundup: Moody's upgrades Jamaica after hurricane Melissa tests disaster plans

Jamaica's preparedness protects its post-hurricane rating, while the RBI delays climate reporting requirements, and the UK consults on new disclosure rules. All this and more in our latest climate...

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After several years of issuing guidance and repeatedly calling on banks to take climate and environmental risk management seriously, the @ECB is moving from guidance and expectations to enforcement, says Michael Horvath. greencb.co/3ZsgnJW

ECB’s green supervision grows teeth, but will banks avoid being bitten?

Now the ECB has started issuing fines for failing to address climate risks, it's up to banks to respond to this more robust supervision, says Michael Horvath of PwC.

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🇺🇸🇨🇳 @ClimateandCap’s @PeterMcKillop takes a look at how Kevin Warsh’s “Contraband” climate doctrine could hand China a green finance edge. greencb.co/3ZUcWvy
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Regulators need to move beyond traditional economic models to assess and understand the devastating and compounding impacts of climate change, a study from the @UniofExeter, @CarbonBubble and Aurora Trust found. greencb.co/4bwrF7b

Economic models need to go beyond GDP to account for climate change

Modelling needs to incorporate wider factors such as mortality and capital loss to better anticipate climate impacts, say researchers.

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Hong Kong has become the latest country in Asia to introduce a transition category to its taxonomy, as part of efforts to raise more capital for the decarbonisation of high-emitting sectors in the city, as well as across China and the rest of the region. greencb.co/3NMGecW

Hong Kong adds transition label to taxonomy, but gas looms in next phase

Hong Kong’s updated taxonomy has stricter energy sector emissions thresholds than Singapore and Thailand. But the inclusion of gas in the next phase needs to be closely watched, say experts.

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🇺🇸 US designs on Venezuela and Greenland have raised questions about the future of the petrodollar system, as other countries explore other currencies and green energy becomes cheaper than oil, writes @IngridWSS. greencb.co/49M26Ob

What is the petrodollar and why is it under pressure?

US designs on Venezuela and Greenland have raised questions about the future of the petrodollar system, as other countries explore other currencies and green energy becomes cheaper than oil.

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🇨🇦 A new kind of lawsuit is holding the Canada Pension Plan Investment Board to account for fossil fuel investments, say campaigners Cheryl Randall and Patrick DeRochie of @ActionShift. greencb.co/4k56OtW

Canada's public pension fund faces beneficiaries in court over fossil fuel investments

A new kind of lawsuit is holding one of the largest pension funds in the world to account for fossil fuel investments, say campaigners Cheryl Randall and Patrick DeRochie.

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#GreenCentralBanking roundup: ✅ NGFS unpacks policy options for greening monetary policy 🇪🇺 ECB finds physical climate risks significantly underestimated 📋 African nations move faster than peers in adopting ISSB standards And more 👇 greencb.co/4q05lX1

Roundup: NGFS releases new green monetary policy toolkit

As evidence emerges that the European Central Bank (ECB) has substantially underestimated the cost of physical climate risks, a new report from the

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🇨🇳 China has finalised its first national climate disclosure standard, which now ties corporate reporting to national targets. greencb.co/4q3BGwm

China’s ISSB-aligned reporting rules ‘go beyond many global standards’, say experts

Experts say China’s new disclosure rules, which use double materiality, will simplify their compliance with the EU’s sustainability regulations.

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Geopolitical tensions around crises such as Greenland and Venezuela should bolster the case for the transition away from fossil fuels, even as the shift creates new rivalries around critical minerals needed for renewable energy technologies, experts say. greencb.co/45rs9Yt

Global instability set to accelerate energy transition and mineral competition

Geopolitical clashes over Greenland and Venezuela mean energy security becomes a bigger driver for renewables than economics or climate.

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🇺🇸 Most major US public pensions are failing to make investments that help reduce emissions and protect their members’ retirement savings from rising climate risks, according to a report by the @SierraClub. greencb.co/4bdwGRV

Report: most US public pensions fail to invest in climate solutions

Trump climate hostility is no excuse for pensions to evade duty to protect retirement savings from risks, says environmental group.

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Our partners at @PositiveMoneyUK are looking for consultants to support the next Asia edition of the Green Central Banking Scorecard. Details & how to apply: positivemoney.org/vacancy/ea…

East and Southeast Asia Green Central Banking contracted support

Shifting power from big banks to people. We collaborate with policymakers, the public and economists around the world so we can redesign our economic system for a better world and a healthy planet.

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Central banks should create a new carbon reward asset to help fund the net zero transition, according to a new proposal from @CarbonReward (GCR). @ethomasson spoke to Delton Chen, GCR executive director and founder, to find out more. greencb.co/49Uiuft

Central banks should back a new carbon reward asset to speed transition

Carbon reward could mobilise $3tn a year for renewables shift, according to its creator Delton Chen.

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