Central bankers have no time to waste: Positive Money NGFS report comment

Commenting on the publication of the first comprehensive report from the Network for Greening the Financial System (NGFS), Rob Macquarie, economist at Positive Money, said:

“Central bankers have done a good job of talking the talk, but there’s still a delay in walking the walk. With the Intergovernmental Panel on Climate Change warning we only have eleven years to limit climate catastrophe, central banks like the Bank of England have no time to waste in implementing the recommendations of this NGFS report, which have already been one and a half years in the making.

“Today’s report is an important call to action, but the severity of the crisis demands that individual central banks go further than the cautious recommendations offered. The Bank of England must start by integrating sustainability into its asset purchases and collateral framework as soon as possible. It should also become compulsory for all banks and insurance companies to reveal their high-carbon lending and investment, in preparation for the next logical step – regulations that actively penalise financial support for fossil fuels.

“Only by hardwiring sustainability into every aspect of its work will the Bank of England be equipped to meet the existential threat posed by climate change to the financial system and our planet.”

About Positive Money
Positive Money campaigns for a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters.