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From bankofengland.co.uk|59 min ago

The effects of climate change and climate mitigation policies have become an actively debated topic in macroeconomic and central bank circles over the last few years. Some central banks now have references to supporting government climate change policies within the secondary objectives of their remits, including the Bank of England. Not everyone agrees on what role central banks should play in achieving climate change objectives. To me, one thing is clear: When climate change has macroeconomic effects – whether physical impacts from extreme weather events and higher average temperatures or transition effects associated with transforming to a net zero economy, including explicit implications for inflation – it becomes a concern for monetary policymakers, directly within a price stability mandate. That applies whether the monetary policymaker’s remit includes a reference to climate change or not. The Bank of England has been a leader on raising awareness of the risks that climate change presents for economies, beginning with former Governor Mark Carney’s 2015 speech “Breaking the Tragedy of the Horizon”. Since then, much work has focused on the impact on financial stability, financial sector risks, and financial policy from climate change. Today I want to focus on a topic that has received less attention: The consequences for monetary policy of the pathway to net zero. There are two dimensions: First, the implications for monetary policy of the macroeconomic effects of climate change itself. Second, more nuanced but perhaps more novel, the monetary policy implications of climate mitigation policies. Despite net zero being a long-term target, both of these are also relevant over my monetary policy horizon. Is the climate change-monetary policy nexus something new facing central bankers? One could argue that macroeconomic changes from sho tweet: *BOE'S MANN: CLIMATE SHOCKS POINT TO MORE INFLATION PERSISTENCE

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2023-11-13 15:04:00Z
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