Climate risks: Central banks to the rescue?

Some fear 'mission creep' on the part of central banks but the climate crisis requires collective action on all fronts. Finance is one of those fronts.

The IMF has also incorporated climate risks into its financial stability surveillance and assessment frameworks of countries. PHOTO: AFP
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A recent International Monetary Fund (IMF) blog stated that "climate change presents huge risks to the functioning of the world's economies", highlighting the imminent dangers posed by climate change to global macroeconomic and financial stability.

Globally, the task of keeping prices in check and preserving financial stability is one conventionally entrusted to central banks.

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