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Making the case for climate risk-adjusted refinancing operations – BNP Paribas Asset Management

Here is this third piece in BNP Paribas Asset Management's series of regular articles on academic research, Florian Boeser and Chiara Colesanti Senn look into a range of sustainable investment topics.

Posted on Mar 31, 2022

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... In the paper Climate Risk-Adjusted Refinancing Operations (CARO)s: the authors note that since the global financial crisis in 2007/08, central banks have increasingly used targeted refinancing operations (providing central bank money to credit institutions) to meet their overall objectives, such as improving liquidity conditions in the financial system.

According to the Council on Economic Policies (CEP), “‘none of them, with a few exceptions in developing economies, has aligned its targeting with the objective of a transition to a low-carbon economy.”

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