Scientific and Regulatory approaches to “Green” Central Banking: The State of The Art from a Legal Perspective
1. Introduction – 2.1. Literature review. – 2.2. Literature. – 2.3. Discussion. 3. – Regulatory overview. – 3.1. Set of tools. – 3.2. The European Central Bank. – 3.3. The US Federal Reserve System. – 3.4. The Bank of England. – 3.5. The Bank of Norway (Norges Bank). – 3.6. The Bank of Japan. – 3.7. The People’s Bank of China – 3.8. Main results of the regulatory overview.
Il coinvolgimento delle banche centrali con le conseguenze del cambiamento climatico è diventato non solo oggetto di dibattito scientifico, ma anche una realtà normativa, benché in forme e con modalità molto eterogenee tra gli ordinamenti. L’articolo si propone di fornire: (i) una literature review degli studi in materia e (ii) un’analisi avente ad oggetto gli approcci regolatori (e legislativi) seguiti da alcune delle banche centrali più influenti. Riguardo al punto (i), viene anzi tutto identificato un “quadro comune” delle varie questioni affrontate, in base al quale vengono presentati schematicamente i risultati raggiunti dalla dottrina, per poi evidenziare sia le idee generalmente accettate sia le principali tesi in ordine ai temi più dibattuti. Per quanto concerne il punto (ii), si propone, sviluppando criteri già proposti in precedenza, una classificazione dei vari strumenti regolatori e normativi utilizzati o utilizzabili dalle banche centrali. L’articolo esamina quindi diverse banche centrali (Banca Centrale Europea, Federal Reserve System, Bank of England, Norges Bank, Bank of Japan, People’s Bank of China) per individuare quali tra tali strumenti sono stati effettivamente attuati.
The engagement of central banks with the consequences of climate change has become not only the subject matter of academic debates, but also a regulatory reality, albeit in very heterogeneous shapes across jurisdictions. Against this backdrop, this paper aims at providing: (i) an up to date and comprehensive review of the relevant literature and (ii) a report of the regulatory and legislative approaches followed by some of the most influential central banks. With respect to (i), the paper initially establishes a shared framework for the addressed issues, presenting the outcomes of previous scientific works in a schematic manner. It then explores both the widely accepted ideas and the predominant viewpoints on the most debated topics. Regarding (ii), the paper proposes a classification of the tools used by central banks worldwide, building on earlier studies. The article looks subsequently at several central banks (the European Central Bank, the US Federal Reserve, the Bank of England, the Bank of Norway, the Bank of Japan, and the People’s Bank of China) and reports which of such tools are respectively implemented, such as climate-related financial risks stress testing and monetary operations