Climate-neutral Central Banking: How the European System of Central Banks Can Support the Transition to Net-zero
4:00 PM to 5:00 PM
- Virtual Event
About this event
Simon Dikau (LSE), Soledad Nuñez (Banco de España), Nick Robins (LSE), Dirk Schoenmaker (Rotterdam School of Management), Laurence Tubiana (European Climate Foundation), Ulrich Volz (SOAS)
The European Union has adopted the goal of becoming climate-neutral by 2050 – in other words, an economy with net-zero greenhouse gas emissions. While the primary policy responsibility for delivering this goal rests with the European Commission and the member states’ governments, the European Central Bank (ECB) and the EU’s national central banks will also need to take action to complement, catalyse and amplify these net-zero policies within the financial system. The first signs that EU central banks are recognising the imperative of alignment with net-zero are beginning to emerge. A comprehensive approach is now required, not least as part of the ECB’s strategy review. To make this happen, the European System of Central Banks (ESCB), with the ECB at its helm, needs to mainstream net-zero across all ESCB operations. Based on the ESCB’s mandates, there is a compelling two-fold rationale for doing this: first, net-zero is the best way of minimising the risks of climate change to the stability of the EU economy and financial system; and second, EU central banks and supervisors need to ensure that their activities are coherent with the EU’s and member states’ climate neutrality policies.
This event serves to launch a new policy report that sets out why central banks in the EU need to adopt net-zero strategies, and provides seven concrete recommendations for how they can.
Participation is open to all, but prior registration is required .
Moderator: Nick Robins , Professor in Practice for Sustainable Finance, LSE Grantham Research Institute on Climate Change and the Environment
Presentation of the report:
, Research Officer, LSE Grantham Research Institute on Climate Change and the Environment
• Ulrich Volz , Director of the Centre for Sustainable Finance and Reader in Economics, SOAS University of London
, CEO of the European Climate Foundation
• Soledad Nuñez , Member of the Governing Council and Executive Commission of the Banco de España
• Dirk Schoenmaker , Professor of Banking and Finance at the Rotterdam School of Management
This virtual launch event is jointly organised by the SOAS Centre for Sustainable Finance and the LSE Grantham Research Institute on Climate Change and the Environment .
Organiser: Centre for Sustainable Finance
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