Climate Change
Climate change poses risks to economic and financial stability. At Central Bank of Ireland, we are working to understand these risks, their implications and the responses required. This will help ensure we can continue to serve the public interest by maintaining monetary and financial stability.
The Climate Risk and Sustainable Finance Forum (Climate Forum) is a consultative forum. It aims to build a shared approach between the financial sector and Central Bank of Ireland in understanding and managing the financial risks and opportunities posed by climate change.
Read more about the Climate Forum.
Transitioning to a carbon neutral and more circular economy entails both risks and opportunities for the economy and financial institutions, while physical damage caused by climate change and environmental degradation can have a significant impact on the real economy and the financial system.
Read more about Financial Regulation and Supervision.
Speeches
15 May 2024 - Climate change: adapting to avoid the prisoner’s emissions dilemma - Remarks by Governor Makhlouf at EPA Annual Climate Change Conference
21 November 2023: "Walking the path – the transition to Net-Zero" - Remarks by Deputy Governor Sharon Donnery at Climate Finance Week
22 June 2023: Insurance, regulation, and the transition to a net zero economy – Remarks by Gerry Cross, Director of Financial Regulation, Policy & Risk
12 June 2023: “Much done, much more to do – climate risks and the banking sector” – Remarks by Deputy Governor Sharon Donnery
27 March 2023: Climate Change: “In a challenging and uncertain environment, we should not lose sight of climate-related risks and our collective roles in addressing those risks”
18 October 2022: No time to wait: Addressing Climate Risk in the Financial System today – Remarks by Sharon Donnery, Deputy Governor, Central Bank of Ireland and Member of the Supervisory Board of the ECB, at Climate Finance Week 2022
1 June 2022: Climate Change: Avoiding the 'Do I Feel Lucky?' school of policymaking - Governor Gabriel Makhlouf at Chatham House's Waddesdon Club of Financial Leaders
28 February 2020: Climate Change, the Financial System and the role of Central Bank - Vasileios Madouros, Director of Financial Stability, Central Bank of Ireland.
Internal Publications
Fiscal Priorities for the Short and Medium Term (Conefrey, Hickey, Lozej, McInerney, Staunton and Walsh) | pdf 1095 KB
08RT23 Macroeconomics Effects of Carbon Transition Policies: An Assessment Based on the ECB's New Area-Wide Model with a Disaggregated Energy Sector (Coenen, Lozej and Priftis) | pdf 1409 KB
Guidance for (Re)Insurance Undertakings on Climate Change Risk | pdf 525 KB
May 2024 Account of Climate Forum Meeting | pdf 268 KB
SFDR CP Response Letter | pdf 88 KB
December 2023: Account of Climate Forum Meeting | pdf 249 KB
November 2023: Climate Observatory 2023 | pdf 2516 KB
November 2023 - Surveying the Green Lending Landscape to Households and Non-Financial Corporations
November 2023 - Understanding the Carbon Intensity of Ireland’s Financial Sectors' Securities Holdings
No.4 Going Green - The Growth in Green Mortgage Financing in Ireland (Lambert, Lyons and Carroll) | pdf 833 KB
Climate-related Financial Disclosures Report 2023 | pdf 866 KB
No.1 An Estimate of Climate-Related Transition Risk in Irish Mortgages Lending (Adhikari, Carroll and Lambert) | pdf 454 KB
Information note - Sustainable finance and the asset management sector: Disclosures, investment processes & risk management | pdf 723 KB
CP151 Climate Change Guidance for (Re)insurers | pdf 432 KB
No. 7 Climate Risks in the Financial System - An Overview of Channels Impact and Heterogeneity (Carroll) | pdf 1047 KB
The Macroeconomic Implications of Climate Change for Central Banks (McInerney) | pdf 1414 KB
Governor Letter – Climate Expectations (November 2021) | pdf 4525 KB
Vol.2019, No.1 Climate Change and the Irish Financial System (Lane) | pdf 834 KB
EU and International Climate Related Publications
NGFS Nature-related Financial Risks: a Conceptual Framework to guide Action by Central Banks and Supervisors
NGFS Nature-related litigation: emerging trends and lessons learned from climate-related litigation
ECB Climate-related financial disclosures of Eurosystem assets and foreign reserves
ECB Climate-related financial disclosure's of the ECB's non-monetary portfolios
ESMA Final report on greenwashing 2024
NGFS Guide on Climate-related disclosures for Central Banks
ESA Opinion on the SFDR
EBA Greenwashing monitoring and supervision
EIOPA Report on greenwashing
ESMA 2024 Guidelines on funds' names using ESG terms
NGFS Sustainable and responsible investment in central banks' portfolio management
ESA Consolidated Q&A on the SFDR
BCBS Core Principals for Effective Banking Supervision
NGFS Connecting Transition Plans - Financial and nonfinancial firms
NGFS Credible Transition Plans: The micro-prudential perspective
NGFS Tailoring Transition Plans: Considerations for EMDEs
ECB Assessment of the alignment of the European banking sector with EU climate objectives
EBA Report on green loans and mortgages
Supervisory Practices to Address Greenwashing
EBA Report on environmental and social risks in the prudential framework
ESMA Disclosures of Climate-Related Matters in Financial Statements
NGFS Climate Scenarios for central banks and supervisors - Phase IV
EIOPA Policy options to reduce the climate insurance protection gap
EIOPA Paper on nature-related risks and impacts for insurance
EIOPA EU Sustainable Finance Taxonomy for Insurance and Reinsurance Sector
NGFS scenarios: Purpose, use cases and guidance on where institutional adaptations are required
ECB report on good practices for climate stress testing
ECB Report on good practices for climate-related and environmental risk management
GZANZ Financial Institution Net-Zero Transition Plans
EIOPA Guidance on running climate change materiality assessment and using climate scenarios in ORSA
ECB/ESRB Towards macroprudential frameworks for managing climate risk
ESMA 2020 Strategy on Sustainable Finance
ECB Guide to fit and proper assessments
TCFD Guidance on Metrics, Targets and Transition Plans
ECB economy-wide climate stress test
ECB/ESRB Climate-related risk and financial stability
ECB/ESRB The macroprudential challenge of climate change
ECB Guide on Climate-Related and Environmental Risks