Climate change is upon us and we are running out of time to stop the worst of its consequences.[ 1 ] Central banks don’t make climate policy, but we do have a clear role to play. Climate change affects the core of our mandate – price stability – through its effect on the economy and inflation. It also has implications for the stability of our financial system. That’s why in 2021 we presented our first action plan to include climate change considerations in our monetary policy strategy. That’s why in 2022 we took significant steps within our mandate to incorporate climate change considerations in our monetary policy ... (full story)