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The new head of the German central bank (Bundesbank), Joachim Nagel, has said combating climate change is a key task for the bank. 鈥淐limate change requires a restructuring of our economy,鈥� Nagel said at his , adding that 鈥渢he Bundesbank must and will address this鈥�. The central bank鈥檚 core mandate would be to guarantee price stability, he said, arguing that 鈥済reater emphasis on climate aspects is part of a monetary policy focused on stability鈥�. This task would 鈥渃ertainly gain importance in our supervisory work鈥�. Nagel takes over at a time when inflation levels in Europe and elsewhere are at the highest level in decades, partly fuelled by the ongoing energy price crisis. 鈥淐limate change and climate policy do have an effect of inflation and growth,鈥� Nagel said. Risks stemming from global warming and the effects of emissions reduction measures, therefore, would have to be closely monitored by central banks to gauge the value of assets banks hold as securities. 鈥淚n order to do this, we need better information 鈥� and we should make sure that we get it,鈥� Nagel said. A more transparent financial system overall would also lead to a 鈥済reener鈥� system, he argued. While governments and parliaments had to set the course on climate policy, the central banks鈥� task would be to ensure that enough funds for the measures are made available.

Addressing climate change has also been highlighted as a challenge in monetary policy by the head of the European Central Bank (ECB), Christine Lagarde. The French politician鈥檚 views in the past often clashed with those of Nagel鈥檚 predecessor Jens Weidmann, who advocated a narrower understanding of the central bank鈥檚 mandate and spoke out against intervening in climate policy. Already in 2020, the ECB in its financial stability review urged banks and "the rest of the financial system" to step up efforts "to manage the financial stability risks posed by climate change and support the transition to a greener economy鈥�.