Flashback - ECB’s Lagarde: Climate Change Requires Us to Redesign the Entire Economy and Financial System, in Line with the ‘Green’ Net Zero Transition

TRANSCRIPT:

LAGARDE: "Floods, droughts and wildfires last year were just a preview of what is to come. A hotter climate and nature loss are changing our economy and our financial system. At the ECB, we must understand this change to ensure financial stability and to fulfill our price stability mandate. With our new climate and nature plan, we focus on the following three things: first, the green transition; second, the growing physical impact of climate change; and third, the risks from nature loss and degradation. We will study the impact on the economy and the financial system. This will help us improve our own models. We will also work to reduce our carbon footprint in everything we do, from banknotes to how we supervise banks."