中央银行绿色货币政策报告 Greening Monetary Policy Operations Exploring Additional Options 2026-绿色金融网络NGFS

NetworkforGreeningtheFinancialSystemTechnicalNote

GreeningMonetaryPolicyOperations:

ExploringAdditionalOptions

January2026

centralBanksandsupervisors

NtwkfrighFiialsytm

TableofContents

Foreword3

Executivesummary4

1.Introduction5

2.Scopeforgreeningmonetarypolicyoperations9

3.ExtendingcurrentNGFSthinking12

3.1Centralbankliabilities:newmeasures12

3.1.1Greenminimum/statutoryreserverequirementsanddeposits12

3.1.2Greencentralbankshort-termdebtsecurities16

3.2Advancingexistingasset-sidemeasures21

4.Practicalchallengesandhowtoaddressthem23

4.1Wideningthescope23

4.2Generalcost-beneitconsiderations26

5.Concludingremarks28

References29

Annex1–GreenTargetedReinancingOperations36

Generalconsiderations36

Greeningbeneitsandpossibleoptions36

Examples38

Acknowledgements39

NGFSREPORT

2

Foreword

SabineMauderer

DeutscheBundesbank

ChairoftheNGFS

AndreasJobst

Chief–MonetaryPolicy

CentralBankoftheUnitedArabEmirates

T

heacceleratingimpactsofclimatechangearereshapingtheenvironmentinwhichcentralbanksoperate.Climate-relatedhazardscandamageproperty,disruptsupplychains,andslowdownproduction,whileclimatepoliciesreshapedemand,driveinnovationandafectfirmprofitability,whichmaygiverisetoprolongedrelativepricechangesintheeconomy.Theeconomicramificationsofextremeweathereventsandtransitionpoliciesincreasinglyintersectwiththetimehorizonsofmonetarypolicy,creatingchallengesforcentralbanksinmaintaining

price/currencystability.Thismeansthatcentralbankswillneedtoassesshowclimate-relatedshocks–oftenresemblinglarge,unpredictable,andpotentiallypersistentsupplyshocks–couldcomplicatestrikinganefectivebalancebetweenpricestabilityandeconomicgrowth.

Since2019,theNGFShasbeenexploringtheimpactofclimatechangeonmonetarypolicy.ThelaunchoftheWorkstreamonMonetaryPolicyin2022formalisedthiscommitment,producingmethodologicalstudiesandpracticalguidanceonintegratingclimateconsiderationsintomonetarypolicyanalysisandoperations.ThispapercontinuesthisefortbyexpandingcurrentNGFSworkonhowcentralbankscanadapttheirmonetarypolicyoperationstomanageclimate-relatedexposuresandsupportanorderlyeconomictransitiontolow-carboneconomies.PastNGFSworkhasfocusedmainlyonmeasuresthatimpactcentralbankassets,suchaspracticaladjustmentstomonetaryoperationsacrosscredit,collateral,andassetpurchasepolicies.However,someoftheseasset-sideadjustmentsmaybelimitedbytheircyclicalnature;andtheirrelevanceandefectivenessdependonstructuralfactorssuchasajurisdiction’smonetarypolicyframework.Insomecases,andwheremandatespermit,greeningmonetaryoperationsinvolvingchangesincentralbanks’liabilitiesmaythereforebeworthinvestigating.

Diferentcentralbankshavediferentmandatesrelatingtoclimatechange.Theaimofthisworkistosupportcentralbankswheregreeningliability-sidepoliciesisconsistentwiththeirmandateandoperatingframework.Whilethismaynotbeappropriateforallcentralbanks,theroleoftheNGFSistoprovidetechnicalsupporttoitsmemberswhoareable,andwishto,incorporateclimate-relatedconsiderationsintotheirmonetaryoperations.Inthisregard,thispaperbuildsonpastrecommendationstoprovideacomprehensiveframeworkforgreeningmonetaryoperations.Consideringclimate-relatedfactorsforreserverequirementsandshort-termdebtissuance,centralbankscancomplementcurrentpracticesontheassetsideoftheirbalancesheets.Whileimplementingthesemeasuresmaypresentchallengingtrade-ofs,particularlywhencomparedtomostasset-sidetools,theymaybeworthconsideringforcentralbanksthathaveamandatetosupportgovernment-ledclimateinitiativesandwhereliability-sidemonetarypolicyoperationsaresignificant.

NGFSREPORT

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Executivesummary

Thefar-reachingimplicationsofclimatechangecaninluencethedesignandimplementationofmonetarypolicyandconsequentlytheconductofmonetarypolicyoperations.Centralbankscanadjusttheirmonetarypolicyoperationstostrengthentheirprotectionagainstclimate-relatedinancialrisksfromnaturalhazardsandtransitionpolicies,andsubjecttotheirmandates,alsotosupportgovernment-ledclimatechangemitigationandadaptationstrategies.PreviousNGFSworkhassofarmainlyfocusedonmeasuresthatimpactcentralbankassets,suchasadjustingcollateralframeworks,tiltingassetpurchasestowardslesscarbon-intensiveissuers,andimplementingclimate-linkedcreditoperations.However,theefectivenessofsomeoftheseasset-sideadjustmentsmaybelimitedbytheircyclicalnature;andtheirrelevancealsodependsonstructuralfactorssuchasajurisdiction’smonetarypolicyframework.Inlightofthat,thispaperexpandscurrentNGFSthinkingbyconsideringmeasuresthatfocusontheliabilitysideofcentralbankbalancesheets.Inaddition,consideringgreaterlexibilityand/orlongerplanninghorizonsforselectiveasset-sidemeasurescomplementstheexpandedscopeofgreeningmonetarypolicyoperations.

Amoreholisticandinclusiveapproachtoincorporatingclimatechangeconsiderationsintomonetarypolicyoperationscanhelpenhancetheirefectivenessoverthemonetarypolicycycle.Inparticular,incorporatingclimateconsiderationsinselectiveliability-drivenmeasurescanefectivelycomplementcurrentgreeningpracticescoveringcredit,collateralandassetpurchasepolicies.Forinstance,insomejurisdictions,centralbanksrelyon

liquidity-absorbingmeasurestoimplementmonetarypolicy.Byadaptingminimumreserverequirementsandremunerationframeworkstoincentivisegreenlendinganddeposits,anddevelopinggreenmonetaryinstrumentsbackedbysustainableassets,centralbankscanfosterpersistentincentivesforinancialinstitutionstosupportclimateobjectivesthroughoutthemonetarypolicycycle.Suchincentivesextendtotheborrowingandsavingbehaviourofnon-inancialcorporatesandhouseholds.Thepaperalsohighlightsmethodologiestoadvanceandenhancetheimpactofasset-sidegreening.Thesemeasuresincludelonger-termtargetedreinancingoperationsthatchannelliquiditytosustainableinvestmentsandexpandingaccesstocentralbankliquiditysupportfornon-bankinancialinstitutionsengagedinsustainableinance.Finally,thepaperprovidesaconceptualframeworkandcost-benefitanalysisoftheseadditionalpolicyinstruments,anddiscussesoperational,legal,andmarketchallengesinvolvedintheirimplementation,recognisingthattheapplicabilityoftheseoptionsdependsoncentralbanksremitstosupportbroadergovernment-ledclimatetransitionobjectives.

Byextendinggreeningtobothassetsandliabilities,andcalibrating“tools”tolocalmandatesandmarketconditions,centralbankswithrelevantmandatescanplayasupportiveroleinreducingclimate-relatedinancialrisksacrossthewidersystemandacceleratingtheallocationofcapitalinsupportoftheclimatetransition,withoutcompromisingtheirprimaryobjectivesofpriceandcurrencystability.

NGFSREPORT

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1.Introduction

Whilegovernmentsandlegislatorsareresponsibleforcreatingtheconditionsconducivetoenhancingclimateresilienceandcreatinganorderlytransitiontoalow-carboneconomy,centralbankscanplayasupportiverolewithintheirmandates.Climatechangepresentssigniicantriskstorealeconomicactivity,monetarypolicytransmission,andinancialstability.Centralbankswillthereforeneedtoconsidertheimpactofclimate-relatedinancialriskswhilesomehavealsobeentaskedwithsupportingclimateadaptationandmitigation(Figure1).Globally,manycentralbankshaveamandate,eitherdirectlyorindirectly,tohelpachievetheirgovernment’seconomicpolicyobjectives,whichwilloftenincludeaddressingclimatechange.Theeconomicimplicationsofclimatechangeincreasinglyfallwithintimehorizonsrelevanttomonetarypolicyandinluencehowcentralbanksassesstheirmonetarystanceandconductmonetarypolicyoperations.Bystrategicallyadjustingtheirmonetarypolicyoperations,centralbankscannotonlyshieldthemselves

fromclimate-relatedinancialrisks(“climateriskprotection”)buttheycouldalsocontributetoamoreefectiveallocationofcapitaltofundingtowardslow-carboninvestmentopportunities,inlinewiththeirgovernment’stransitionpathways(“climatechangemitigation”)andenhancesocio-economicresilience(“climatechangeadaptation”).1

Thereisbroadconsensusthatclimatechange–andthepoliciesaddressingit–afectmacroeconomicoutcomesandthesettingofmonetarypolicy.Physicalrisks–suchasextremeweatherevents2–candirectlydamageassets,disruptbusinessoperations,andincreaseinsuranceclaims,whiletransitionrisks–arisingfromshiftstowardalow-carboneconomy–canleadtolargeandprolongedchangesinrelativepricesaswellashigherloandefaultsandmarketvolatility(NGFS2024b,2024c).Theseimpactsmay,inturn,causesigniicantpolicytrade-ofsandcouldhindertheabilityofcentralbanksto(1)efectivelydeliverontheirprimarymandate,suchaspriceandcurrencystability,

Figure1Monetarypolicyoperationsandcentralbankmandates

MonetaryPolicyOperations

(reflectingthemonetarystance)

Price/Currency/EconomicStability

Common

CentralBankMandate

(relatedtomonetarypolicy)

FinancialStability

PrudentialSupervision

FinancialMarketInfrastructure1

OtherCentralBankObjectives

(ifapplicable)

EnvironmentalSustainabilityandOtherPolicyObjectives2,3

Note:1/paymentandsettlementsystemsandintermediaries;2/includingconsumerprotection,AML/CFTsupervision;3/forinstance,thesecondarymandateoftheEuropeanCentralBank(ECB)andtheEurosystemalsoincludessupportforEuropeanUnionpolicies.

Source:Authors.

1Thispaperconsiderstheuseofmonetarypolicyoperationsinpursuitofcentralbanks’priceorcurrencystabilitymandates.Therefore,itexcludesclimatechange-relatedconsiderationsafectingothergoalsofsomecentralbanks,suchasinancialstability(Figure1).Climateadaptationreferstoadjustmentsinecological,social,oreconomicsystemsinresponsetoactualorexpectedclimaticchangeanditsefects,aimedatreducingvulnerabilityandbuildingresilience(UNFCCC,2025;NGFS,2025a).Climatemitigationreferstoactionsthatreducetherateofclimatechangebylimitinggreenhousegas(GHG)emissionsorenhancingcarbonsinks(IPCC,2022).

2Thisincludestheimplicationsofgradualenvironmentalchanges,suchastheprogressiveincreaseintemperaturesandrisingsealevels,whichdonotonlyexacerbatethefrequencyandseverityofnaturaldisasters,butalsoreducelaborproductivityanddegradethereliabilityofessentialinfrastructure.

NGFSREPORT

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and(2)maintainefectivemonetarypolicytransmission(NGFS,2020).3Hence,agrowingnumberofcentralbanks(andinancialregulatorsalike)havestartedmonitoringclimaterisksandincorporatingtheseconsiderationsintheirmonetarypolicyframeworksandinancialstabilitydecisions(Grippaetal.,2019).

Theinfluenceofclimate-relatedinancialshocksonmonetarypolicyrequirescentralbankstoreview(andamendasnecessary)existingoperationalframeworks.

Theshort-termimpactsofclimatechangearerelevantfordeterminingthemonetarypolicystance(Figure2);theycouldarisefromphysicalrisks(i.e.,higherfrequencyandseverityofnaturaldisastersandprogressivetemperatureincrease,imposingtrade-ofsbetweeneconomicactivityandinlationduetonegativesupplyshocks)andtransitionrisks(i.e.,largerelativepriceschangesthatcreatetrade-ofsnotonlybetweengrowthandprice/currencystabilitybutalsoinancialstabilitychallengesduetoassetre-pricinganddeterioratingcreditquality).

Themonetarypolicystancewill,inturn,haveabearingonthetype(andscale)ofmonetarypolicyoperationsthatcentralbanksconduct.Withrespecttotheassetsideofacentralbank’sbalancesheet,monetarypolicyoperationstypicallyinvolveliquiditymanagementthroughcollateralisedlendingtoeligibleinancialinstitutionsthroughstandingcreditfacilities(“creditoperations”)and/oroutrightassetpurchases.4Ontheliabilityside,somecentralbanksmanagesystem-wideliquidityandmoneycreationbyrequiringbankstoholdaminimumshareoftheirliabilitiesintheformofcentralbankreserves(suchasminimumreserverequirementsforshort-termliabilities).Assetpurchases(includingbuy-backs)andlendingoperationsgenerallyresultinthecreationofcentralbankreservesand/orotherliabilities.Conversely,centralbanksoferaccesstoliquiditymanagementfacilities(e.g.,overnightdeposits)andconductopenmarketoperations,includingthroughsecuritieslending/reverserepotransactions,toabsorbexcess(system-wide)reservesuptoadesiredtargetlevel(andabovesomeliquiditybuferforsettlementpurposes).Forthispurpose,theycanissuecertiicatesofdepositorshort-termdebtsecurities(i.e.,intheformofmonetarybills).

Figure2Centralbankobjectivesinconnectionwithclimatechange

TransitionRisks

Climatepoliciesmaygive

risetolargeandprolonged

relativepricechangesintheeconomy,

creatingchallengesforcentralbanks

inmaintainingprice/currencystability

EconomicImpactofClimateChange

Short-termeconomic

impactsarerelevant

(likeanyothereconomicshock)

PhysicalRisks

Higherfrequencyandseverity

ofnaturaldisastersmayimposetrade-ofs

betweeneconomicactivityandinlation

ascentralbanksinditharderto

“lookthrough”priceshocks

Impactdependsonthetypeofshock,monetarypolicyframework,structureoftheeconomyandinternationalinterlinkages

MonetaryPolicyStance

ClimateChangeRiskProtection

Centralbanksseek

tomanagetheirexposuretoexternal,climate-relatedinancialrisks

ClimateChangeMitigation&Adaptation

Centralbanksseektocontributetoloweringcarbonemissionsandenhancing

socio-economicresilience

Efectivenessofdiferentmonetarypolicyoperations

(assetsvs.liabilities)dependsontheratecycle

and/orstructuralcharacteristicsof

themonetarypolicyframework

MonetaryPolicyOperations

Note:Climate-relatedfinancialrisksforcentralbanksdonotonlystemfrominsuicientclimatechangeadaptationbutalsoclimatechangemitigation,suchasrelativepricechangesfromcarbonpricingafectingthevaluationofassetsheldinthereservesportfolio.

Sources:NGFS(2021,2024b)andauthors.

3Evenforcentralbankswhosemandateisfocusedoncurrencystability(especiallyinthecaseofixedexchangerateregimes),climateriskscanjeopardiseforeignexchangereservessupportingthemonetarybasecoverduetoanadverseshocktotheexternalbalance(e.g.,acollapseofexportrevenuesofpoorlydiversiiedhydro-carboneconomiesduetoefectiveandcomprehensiveglobalcarbonpricingorlargenaturalcatastrophescausingsigniicantdamagetothetourismsectorofsmallislandeconomieswithlimitediscalbufers).

4Notethatine-tuningopenmarketoperationsinvolveseithersideofthecentralbankbalancesheetdependingonwhetherthecentralbankabsorbsorinjectsliquidity,whichoftenoccursconcurrentlyinmonetarypolicyregimeswithacorridorinterestratesystem.

NGFSREPORT

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Centralbankscanadaptmonetarypolicyoperationsinsupportofgovernment-ledclimatemitigationandadaptationstrategies,providedtheseactionsarewithintheirlegalmandate.Thisapproachrequiresbalancingsuchobjectiveswithmarketneutralityprinciplesandtheirmedium-termobjectiveofprice/currencystability.Thecentralbank’smandatewouldultimatelydeterminethescopeofimplementation–especiallyassuchactionscanchallengetheprincipleofmarketneutrality.5Moreimportantly,theseefortsmustbepursuedwithoutcompromisingthecentralbank’smedium-termobjectiveofprice/currencystability,whichremainstheprimarygoal.

CurrentNGFSworkongreeningoperationsislargelyfocusedonmeasuresafectingcentralbankassets(NGFS,2021and2024b,Box1).Consideringinancialriskprotectionofacentralbank’sbalancesheetandtheimplicationsofassetpurchasesandcreditoperationsisparticularlyrelevantwhentightliquidityconditionsmakeaccesstocentralbankmoneymorevaluable.However,thecompositionofcentralbankassetsisinherentlycyclicalandtheefectivenessofasset-basedmeasurescanvaryovertime.Forexample,whencentralbanksneedtomanageexcessreserves(asaresultofbalancesheetexpansionduetoassetpurchases),theefectivenessofassetside-drivenmeasureslikeclimate-relatedconditionalityofcollateralpoliciesdiminishes.Inaddition,climate-sensitivemonetaryoperationsafectingonlycentralbankassetsarelikelytobelessrelevantforgreeningmonetarypolicyoperationswhencentralbanksemployliabilities-drivenmeasurestomanagesystem-wideexcessreserves.Theseincludematerialreserverequirementsand/ortheissuanceofshort-termdebtsecuritiesandcertiicatesofdeposit.

Thispaperaimstowidenexistingthinkingbyrecognisingthatcentralbanks,mindfuloftheirpolicyobjective,canalsochangethecompositionandtreatmentoftheirliabilitiesinawaythatisconsistentwiththeirmandateandoperatingframework.6Acomprehensiveapproach

thatconsidersbothsidesofcentralbankbalancesheetsinastructurallyrobustwaycanengenderamorepersistent,inclusiveandreliableefectofgreeningmonetarypolicyacrossawiderrangeofinancialconditions.Diferentasset-andliability-sideinstrumentsmaymatteratdiferentpartsofthemonetarypolicycycle.Forexample,whenacentralbankunwindsitsassetpurchaseprogramsduringtimesofmonetarytightening,thenany“tilting”oftheseassetholdingsbecomeslessimpactful.7Similarly,ifsuchunwindingtakestimeandperpetuatessystem-wideexcessreserves,banks’demandforliquidityfromcentralbanksremainslow,diminishingtheefectivenessofgreeningcollateralpolicies.Inthesecases,monetarypolicyoperationsinvolvingchangesincentralbanks’liabilitiesmaybemoreuseful.Forexample,asreservesinthesystemfall,anyminimumreserverequirementsbecomemorebinding.Inaddition,therecouldbestructuralreasonswhyasset-orliability-sidemeasuresaremoreimportantindiferentjurisdictionsdependingonthecharacteristicsoftherespectivemonetarypolicyframework.Forinstance,centralbankswithstructuralexcessreservesmaybebetterplacedtoadoptgreeningmeasuresthatarelinkedtotheliabilitiessideoftheirbalancesheets.However,inthiscase,theobjectiveofprotectingthecentralbankbalancesheetagainstclimate-relatedrisksbecomeslessrelevantbydeinition.Thismeansthatundertakingsuchmeasureswouldrequireacarefulassessmentofwhethertheyfallwithinthecentralbankmandates.Whilethisapproachmaynotbesuitableforeverycentralbankandmayinvolvediiculttrade-ofs(especiallywhencomparedtomostasset-sidetools),itcouldbeparticularlyusefulforthosecentralbankswhocansupportgovernment-ledclimateinitiativeswithintheirmandate.

Relatedly,thepaperalsoexploreswhetherexistingasset-sidemeasuresthatcanhelpintegrateclimatechangeconsiderationsoverlongertimehorizonsandenhancetheirimpact,buildingonexistingthinking.8

Takingaproactiveandpersistentapproachwouldinvolve

5Especiallyifadjustmentstocentralbanks’organiclaws/statutesafecttheefectivenessofliquiditymanagementmeasures.

6Inthepreviouspaper(NGFS,2024b),thisaspectwashighlightedasapotentialareaofextension:“centralbanksmaywanttoconsiderhowtoincorporateclimateconsiderationsintotoolsthatfocusontheliabilitysideofcentralbanks’balancesheet.Thiscouldincludetheroleoflinkingreserverequirementstoclimatefactors,orcentralbanksissuing‘greenbills’.Thiscouldbeparticularlyrelevantforcentralbanksthatoperateinanenvironmentofastructuralliquiditysurplus[…](p.26).”

7Tiltingmeansmodifyingthecompositionofassetpurchaseswithoutchangingtheoverallvolumeorpolicystanceofquantitativeeasing.Itinvolvesre-weightingpurchasesbasedonclimatecriteria–forinstance,byassigninghigherpurchaseweightsorbetterpricingtobondsissuedbyirmswithlowercarbonintensity,strongerdecarbonisationtargets,orhigher-qualityclimatedisclosures,relativetoaclimate-neutralbenchmarkallocation.

8Thepreviouspaper(NGFS,2024b)alsostressedthat“furtherworkmaybeneededtounderstandhowtobestintegrateclimateconsiderationsintomonetarypolicyoperationsduringperiodswheninterestratesareabovethe[zerolowerbound].[…]theNGFSmayhencewanttoputmoreweightonother,morestructuralaspectsofmonetarypolicyoperationalframeworks,suchascollateralpoliciesorthecompositionofpermanentmonetarypolicyportfolios(p.27).”

NGFSREPORT

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incorporatinglonger-termclimateconsiderationsintoadditionalasset-sidemeasuresandpotentiallywideningthescopeofliquiditysupporttonon-bankinancialinstitutionsinsupportofclimate/sustainabilityinitiatives,includinginthecontextofmonetary-iscalcoordination.

However,thepaperdoesnotdiscusstheextenttowhichclimate-relatedfactorsshouldbeconsideredwhendeterminingtheappropriatemonetarystanceanditsimpactonthescaleandnatureofmonetarypolicyoperations.Climatechange-relatedfactorsarealreadystartingtoshapethenear-termmacroeconomicoutlookthroughenergypricesaswellasextremeweathereventsafectingboththesupplyanddemandsidesoftheeconomy.Thedeterminationoftheappropriatemonetarypolicystanceinthefaceofthesemacroeconomicimpactsislargelyseparatefromtheappropriatedesignofmonetarypolicyoperationsand,therefore,outsideofthescopeofthepaper.

Overall,thepapercomplementscurrentNGFSthinkingongreeningmonetaryoperations.Itsaimistoassistcentralbanksinconsideringthefullrangeofallavailable

policymeasurestoachievetheirobjectivesandhowtheycouldincludeclimateaspectsintheiroperationalframeworksifrequiredbytheirmandates.Itprimarilyfocusesonliability-sidetools,butalsoincludesfurtheroptionsthatdonotneatlyitintothisbalancesheet-basedtaxonomyandadditionalconsiderationsaroundstructuralelementsofcreditoperations.Assuch,itformsanaturalextensionoftheNGFS’searlierworkonthistopic.ConsistentwithpreviousNGFSanalysis,thisanalysisfeaturesrelevantcasestudies,highlightingkeybeneits,currentchallenges,andpotentialsolutions.However,giventhatpotentialliability-sidetoolshavehardlybeenusedthusfar,thepapercannotdeliverconcreteevidenceoftheirefectiveness.

Thepaperisorganisedasfollows.Section2presentstherationaleforextendingthecurrentNGFSthinkingonmonetarypolicyoperations.Section3discussesadditionaloptionsforgreeningcentralbankoperations,withafocusonliabilitiesandlonger-termlendingoperations,togetherwithrelevantexamples.Section4assessesthepracticalchallengesinvolvedandwaystoaddressthem.Finally,Section5concludes.

Box1

SummaryofPreviousNGFSWorkonGreeningMonetaryOperations

Initspreviousworkonmonetarypolicyoperations,theNGFSfocusedonhowcentralbankscanmitigateclimate-relatedinancialriskstotheassetsideoftheirbalancesheetaswellaswaysinwhichtheseoperationscansupportthetransitiontowardsalow-carboneconomy.Inparticular,centralbankscouldadjustthetermsoftheirlendingoperationsaswellastheirassetpurchaseprogramstoconsiderclimate-relatedfactors(NGFS,2021).Possiblechangestolendingoperations(suchasstandingliquidityfacilitiesandothercreditoperations)includedrestrictingaccessbycounterparties,reducinginterestratesthatcentralbankscharge(e.g.,conditionalonclimate-relatedlending),oramendingcollateralrequirementsintermsofeligibilityandvaluationhaircuts.Changestoassetpurchasesincludedtiltingassetpurchasestowards“greener”issuersandlesscarbon-intensivebondsorscreeningsecuritiesbased

onclimate-relatedfactors,whichhelpsprotectthecentralbankbalancesheetagainstinancialrisksfromclimatechangewhilecreatingpricingincentivesforsustainableinance.

Inastocktake,theNGFS(2024b)showedthatseveralcentralbankshadsuccessfullyovercomemanyofthechallengesingreeningtheassetsideoftheirmonetaryoperations.Someofthedevelopedapproachesarenow