Why climate change poses a threat to central banks

Ahead of a day of talks on climate finance at the COP26 climate change summit in Glasgow, former Bank of England governor Mark Carney announced the launch of a coalition of financial companies committed to hitting net-zero by 2050.

The Glasgow Financial Alliance for Net Zero says it is made up of more than 450 different banks, asset managers and insurers and represents up to US$150 trillion in assets.

It is notable that this coalition of private sector firms is headed by Carney, a former senior central banker, as in recent years researchers, activists and others have called for central banks to do more to fight climate change.

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