November 14, 2021

Ride a Green Swan: central banks grapple with climate risk

The world’s top central bankers agreed on Friday they had a clear role to play in tackling climate change and stepped up calls for banks, companies and others to be required to declare their exposure to the looming crisis.

A three-day “Green Swan” conference – its name a twist on the “black swan” theory on major systemic shocks – brought together heads of the world’s top central banks, policy-makers, academics and business. Here are some of the main takeaways.


All agreed that efforts had accelerated since former Bank of England governor Mark Carney dared to suggest in a now-famous 2015 speech that climate change could lead to financial crises, stranded assets and a crash in living standards.

The four-year-old Network of Central Banks and Supervisors for Greening the Financial System (NGFS) now has 91 members in territories covering 88% of the world economy and 85%…

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