央行對(duì)氣候風(fēng)險(xiǎn)的應(yīng)對(duì)措施
根據(jù)現(xiàn)有文獻(xiàn),央行對(duì)于氣候風(fēng)險(xiǎn)可能采取的應(yīng)對(duì)措施主要在以下四個(gè)方面:
1、將與氣候有關(guān)的風(fēng)險(xiǎn)納入金融穩(wěn)定監(jiān)測(cè)和宏觀審慎監(jiān)督。與氣候變化有關(guān)的風(fēng)險(xiǎn)有可能成為一種系統(tǒng)性風(fēng)險(xiǎn),特別是在
市場(chǎng)沒(méi)有對(duì)風(fēng)險(xiǎn)進(jìn)行正確定價(jià)的時(shí)候。未來(lái)應(yīng)監(jiān)測(cè)和分析氣候變化及其他沖擊可能對(duì)貨幣
政策傳導(dǎo)效率、經(jīng)濟(jì)周期、各銀行和金融穩(wěn)健程度的影響(NGFS, 2019;Giuzio, et al., 2019)。
2、將可持續(xù)性因素納入自有資產(chǎn)的投資組合管理。比如,將環(huán)境、社會(huì)和治理(ESG)納入央行自有資金和養(yǎng)老金投資組合的考量因素(NGFS, 2019)。
3、共享數(shù)據(jù),彌補(bǔ)數(shù)據(jù)差距。應(yīng)該加強(qiáng)企業(yè)的信息披露,公開透明的信息將有助于氣候變化中的價(jià)格平穩(wěn)(NGFS, 2019; Carney, 2015)。
4、提高管理能力,鼓勵(lì)技術(shù)援助和知識(shí)共享。提高央行自身的監(jiān)管能力,并與更多利益相關(guān)方合作,提高他們對(duì)于氣候風(fēng)險(xiǎn)如何轉(zhuǎn)化為金融風(fēng)險(xiǎn)的了解。同時(shí),鼓勵(lì)有關(guān)各方為提高對(duì)新興和發(fā)展中經(jīng)濟(jì)體的認(rèn)識(shí)和管理能力提供技術(shù)援助(NGFS, 2019)。
參考文獻(xiàn):
Batten, S., Sowerbutts, R., & Tanaka, M. (2016). Let's talk about the weather: the impact of climate change on central banks. Bank of England working papers 603, Bank of England.
Belasen, A. R., & Polachek, S. W. (2009). How disasters affect local labor markets the effects of hurricanes in Florida. Journal of Human Resources, 44(1), 251-276.
Brainard, L. (2019). Why Climate Change Matters for Monetary Policy and Financial Stability: a speech at" The Economics of Climate Change" a research conference sponsored by the Federal Reserve Bank of San Francisco, San Francisco, California, November 8, 2019 (No. 1101).
Carney, M. (2015). Breaking the Tragedy of the Horizon–climate change and financial stability. Speech given at Lloyd’s of London, 29, 220-230.
Dietz, S., Bowen, A., Dixon, C., & Gradwell, P. (2016). ‘Climate value at risk’of global financial assets. Nature Climate Change, 6(7), 676.
Dikau, S., & Volz, U. (2019). Central banking, climate change, and green finance. Handbook of Green Finance: Energy Security and Sustainable Development, 1-23.
Giuzio, M., Kru?ec, D., Levels, A., Melo, A. S., Mikkonen, K., & Radulova, P. (2019). Climate change and financial stability. Financial Stability Review, 1.
Hsiang, S. M., & Jina, A. S. (2014). The causal effect of environmental catastrophe on long-run economic growth: Evidence from 6,700 cyclones (No. w20352). National Bureau of Economic Research.
Honohan, P. (2019). Should Monetary Policy Take Inequality and Climate Change into Account?. Peterson Institute for International Economics Working Paper, 18-18.
Kahn, M. E., Mohaddes, K., Ng, R. N., Pesaran, M. H., Raissi, M., & Yang, J. C. (2019). Long-term macroeconomic effects of climate change: A cross-country analysis (No. w26167). National Bureau of Economic Research.
Lanzi, E., & Dellink, R. (2019). Economic interactions between climate change and outdoor air pollution.
Mersch, Y. (2019). Climate change and central banking: a speech at" Workshop discussion: Sustainability is becoming mainstream", Frankfurt, November 27, 2018
NGFS (2019) ,A Call for Action: Climate Change As A Source of Financial Risk, from https://www.banque-france.fr/sites/default/files/media/2019/04/17/ngfs_first_comprehensive_report_-_17042019_0.pdf
Reidmiller, D. R., Avery, C. W., Easterling, D. R., Kunkel, K. E., Lewis, K. L. M., Maycock, T. K., ... & Hibbard, K. A. et al. (2018). Impacts, Risks, and Adaptation in the United States: Fourth National Climate Assessment, Volume. US Global Change Research Program, Washington, DC, USA.