Ryan-Collins, Josh; Dikau, Simon; (2017) Green central banking in emerging market an developing country economies. New Economics Foundation: London, UK.

Text Dikau and Ryan-Collins (2017) Green-Central-Banking.pdf - Published Version Access restricted to UCL open access staff Download (2MB)

Abstract

Central banks have played an increasingly prominent role in advanced economies over the last decade. They have created new money on a huge scale with quantitative easing programmes, forced banks to hold more capital, and begun constraining credit to certain sectors of the economy. Yet none of these policies have taken into account the urgent challenge of climate change and the need to shift our economies to a low-carbon trajectory. This is despite the accepted fact that there is still a huge carbon-finance gap to be filled and that climate change poses major financial stability risks. In emerging and developing countries (EMDCs), however, the story is different. Here, in many cases, central banks have begun to play an important role in addressing the risks posed by climate change and the need for green investment. EMDCs are more exposed to the immediate challenges of climate change. Many face greater physical risks, including more frequent, climate-change-related, severe weather events. They also recognise the need to rapidly shift their economies on to a sustainable ​‘green growth’ path for their future prosperity and energy security. Excluding China, around 70% of global projected sustainable infrastructure investment needs ($3.5 – 4.0 trillion per year on average) will be required in EMDCs.[i] This report examines the most significant green policies that EMDC central banks and related public financial institutions have adopted over the last ten years. We examine six different large EMDCs, covering almost half the world’s population: Bangladesh, Brazil, China, India, Indonesia, and South Korea.

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