Climate Change

Sustainable office building

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.


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