Potencjalny wpływ celów i ryzyk klimatycznych na prowadzenie polityki pieniężnej i działalność banku centralnego

The article reviews potential channels of impact of climate change on monetary policy and central bank operations. The issue of climate change is increasingly becoming the focus of central banks. The article begins with the discussion on the consistency of central banks’ mandates and a potential role of central banks in climate policy. The second section concentrates on risks climate change poses to the effectiveness of central bank action and operations. Then it reviews options for the central bank to engage in the fight against climate change. Finally, the determinants of this engagement are presented. The author argues that some intellectual progress has been made in central banks in terms of adjusting their operating framework, but many gaps still exist and much more analytical work is needed.