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The transformation of central banks in response to climate change: Green central banking

Yıl 2022, Cilt: 5 Sayı: 3, 135 - 156, 09.11.2022

Öz

The climate change – a phenomenon regarded as one of the most significant negative externalities of globalization and defined as a global “public bad” – and its impacts on the financial sector and the real economy demonstrated the need for central banks to brace themselves for a green transformation whereby these institutions resort to green money and capital instruments in resource allocation. The urgency of tacking the phenomenon of climate crisis, mainly due to the partial irreversibility of climate change and significant costs of delaying action, requires all policy makers to reconsider their roles and existing potentials in light of these challenges. As indicated by an ever-growing number of academic studies, the emergence of international central banks, including such institutions as the Network for Greening the Financial System (NGFS) and the Sustainable Banking Network (SBN), manifest the fact that the conventional targets formerly proposed by central banks are undergoing a crucial transformation as part of an overall effort to tackle the climate crisis. In consideration of these current circumstances, green central banking came to be defined as a banking concept that aims to minimize the risks arising from climate and environmental change, and to protect the price and financial stability objectives by adopting a sustainable approach. This study aims to explore the climate-related financial risks to gain insight into how these risks might affect the financial sector and the real economy, which instruments central banks can use to respond to climate- related risks, alongside the potentiality of central banks to realise the green transformation and their intrinsic limitations. The purpose of this paper is to suggest a strategic and global approach to long-term sustainability by identifying alternative methods to be applied by central banks to reduce the risks caused by climate change and instability in monetary policies. Managing climate change risks, the adoption of a low-carbon economy to encourage the transition to a green economy, the increasing costs of climate adaptation, the reallocation of labour and capital to green industries instead of emission-intensive sectors are the economic results which will be addressed in this study. The rising indemnity claims and insurance premiums, the changing structural interest-rate levels and the difficulties concerning the sustainability of government debt will also be analyzed within the scope of this study as the financial consequences of climate change.

Kaynakça

  • Arndt, C., Loewald, C., & Makrelov, K. (2020). Climate change and its implications for central banks in emerging and developing economies. South African Reserve Bank Working Paper 20/04.
  • Barmes, D., & Livingstone, Z. (2021). The green central banking scorecard: How green are g20 central banks and financial supervisors? Positive Money. Available at: https://positivemoney.org/publications/green-central-banking-scorecard.
  • Batten, S., Sowerbutts, R., & Tanaka, M. (2016). Let’s talk about the weather: The impact of climate change on Central Banks. Bank of England Staff Working Paper no. 603.
  • BCTR. (2021). Dijital TL testleri başlıyor. https://bctr.org/dijital-tl-testleri-basliyor-23077/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2021a). Japonya Merkez Bankası resmi olarak CBDC testlerine başladı. https://bctr.org/japonya-merkez-bankasi-resmi-olarak-cbdc-testlerine-basladi-21704/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2021b). Rusya sınır ötesi ödemeler için CBDC’leri araştırıyor. https://bctr.org/rusya-sinir- otesi-odemeler-icin-cbdcleri-arastiriyor-22469/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2021c). Nijerya Ekim ayında CBDC pilot çalışmalarına başlıyor. https://bctr.org/nijerya- ekim-ayinda-cbdc-pilot-calismalarina-basliyor-23004/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2021d). İngiltere Merkez Bankası, CBDC çalışma grubunu duyurdu. https://bctr.org/ingiltere-merkez-bankasi-cbdc-calisma-grubunu-duyurdu-23682/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2022). İsviçre Merkez Bankası diğer bankalarla birlikte CBDC’yi deniyor. https://bctr.org/isvicre-merkez-bankasi-diger-bankalarla-birlikte-cbdcyi-deniyor-25013/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2022a). Güney Kore CBDC testlerini ilerletiyor. https://bctr.org/guney-kore-cbdc-testlerini- ilerletiyor-25124/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2022b). Yeni Zelanda CBDC’ler üzerinde çalışmaya başladı. https://bctr.org/yeni-zelanda- cbdcler-uzerinde-calismaya-basladi-25494/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2022c). Jamaika 2022’de kendi dijital parasını çıkarmaya hazırlanıyor. https://bctr.org/jamaika-2022de-kendi-dijital-parasini-cikarmaya-hazirlaniyor-25316/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2019). Avrupa Merkez Bankası dijital para planlarını hızlandırabilir. https://bctr.org/avrupa- merkez-bankasi-dijital-para-planlarini-hizlandirabilir-12803/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2020). Çin Merkez Bankası dijital para cüzdanı ortaya çıktı. https://bctr.org/cinin-merkez- bankasi-dijital-para-cuzdani-ortaya-cikti-15307/, Erişim Tarihi: 07.05.2022.
  • BOJ. (2021). The bank of Japan's strategy on climate change. https://www.boj.or.jp/en/announcements/release_2021/rel210716b.pdf., Erişim Tarihi: 20.05.2022.
  • Bolton, P., Després, M., Pereira da Silva, L., Samama, F., & Svartzman, R. (2020). ‘Green Swans’: Central banks in the age of climate-related risks. Banque de France Bulletin, 229(8).
  • Breitenfellner, A., Pointner, W., & Schuberth, H. (2019). The potential contribution of central banks to green finance. Vierteljahrshefte zur Wirtschaftsforschung. Duncker & Humblot, Berlin, 88(2), 55-71. https://doi.org/10.3790/vjh.88.2.55.
  • Campiglio, E. (2016). Beyond carbon pricing: The role of banking and monetary policy in financing the transition to a low-carbon economy. Ecological Economics, 121, 220-230. https://doi.org/10.1016/j.ecolecon.2015.03.020.
  • Campiglio, E., Dafermos, Y., Monnin, P., Ryan-Collins, J., Schotten, G., & Tanaka, M. (2018). Climate change challenges for central banks and financial regulators. Nature Climate Change, 8(6), 462-468. https://doi.org/10.1038/s41558-018-0175-0.
  • Carney, M. (2015). Breaking the tragedy of the horizon-climate change and financial stability, Speech given at Lloyd’s of London. Bank of England.
  • Cipollone, P. (2022). The role of central banks for green finance. 11-12 Mart 2022 tarihli konuşma https://www.bancaditalia.it/pubblicazioni/interventi-direttorio/int-dir-2022/Cipollone- 2022.03.11.pdf.
  • Cœuré, B. (2018). Monetary policy and climate change, speech at a conference ‘Scaling up Green Finance: The role of central banks’ organised by the NGFS. the Deutsche Bundesbank and the Council on Economic Policies, November.
  • Dafermos, Y. (2021). Climate change, central banking and financial supervision: Beyond the risk exposure approach. SOAS Department of Economics Working Paper No. 242, London: SOAS University of London.
  • Dafermos, Y., Nikolaidi, M., & Galanis, G. (2018). Can green quantitative easing (QE) reduce global warming?. GPERC. 1-5.
  • Danmarks Nationalbank. (2021). Climate change and the role of central banks. https://www.nationalbanken.dk/en/publications/Pages/2021/07/Climate-change-and-the-role-of- central-banks.aspx, Erişim Tarihi: 20.05.2022.
  • Dikau, S., & Volz, U. (2018). Central banking, climate change and green finance. J. Sachs, W. Thye Woo, N. Yoshino, & F. Taghizadeh-Hesary (Eds.). In Springer. Handbook of green finance: Energy security and sustainable development (pp. 81–102). New York: Springer. https://core.ac.uk/download/pdf/161527987.pdf.
  • Dikau, S., & Collins, J. R. (2017). Green central banking in emerging market and developing country economies. New Economics Foundation. http://neweconomics.org/2017/10/green- centralbanking-emerging-market-developing-country-economies/.
  • Dinçer, N. N. (2021). Merkez bankaları değişiyor mu?. https://iktisatvetoplum.com/merkez-bankalari- degisiyor-mu-nazire-nergiz-dincer/, Erişim Tarihi: 20.05.2022.
  • D'Orazio, P., & Popoyan, L. (2020). Taking up the climate change challenge: A new perspective on central banking. LEM Working Paper Series, No. 2020/19 https://doi.org/10.13140/RG.2.2.11878.96321.
  • Durrani, A, Volz, U., & Rosmin, M. (2020). The role of central banks in scaling up sustainable finance-what do monetary authorities in the Asia-Pacific region think? Journal of Sustainable. Finance & Investment, 10(2), 92-112. https://doi.org/10.1080/20430795.2020.1715095.
  • European Banking Federation (2017). Towards a green finance framework. https://www.ebf.eu/wp- content/uploads/2017/09/Geen-finance-complete.pdf.
  • Flaherty, E. (2020). Green central banking: Options for the ECB on climate change. https://www.iiea.com/publications/green-central-banking-options-for-the-ecb-on-climate- change.
  • Global Public Investor. (2019). Central banks and climate change. OMFIF Special report, 145-155. https://www.omfif.org/wp-content/uploads/2020/02/ESG.pdf.
  • Monnin, P. (2018). Central banks should reflect climate risks in monetary policy operations. SUERF Policy Note, Issue, 41.
  • Network for Greening the Financial System (NGFS). (2018). First Progress Report, October.
  • Network for Greening the Financial System (NGFS). (2021). Guide on climate-related disclosure for central banks, December.
  • Network for Greening the Financial System. (2019a). NGFS First Comprehensive Report. A Call for Action - Climate Change as a Source of Financial Risk, NGFS.
  • Network for Greening the Financial System. (2019b). A call for action: Climate change as a source of financial risk. Network for Greening the Financial System, April.
  • Network for Greening the Financial System. (2022). Membership. https://www.ngfs.net/en/about- us/membership, Erişim Tarihi: 14.06.2022.
  • ODI. (2021). The role of central banks in   tackling climate change. https://cdn.odi.org/media/documents/ODI_role_of_central_banks_in_tackling_climate_change. pdf.
  • OECD. (2013). Taxing energy use - A graphical analysis. Organisation for economic co-operation and development, Paris.
  • Olovsson, C. (2018). Is climate change relevant for central banks?. Sveriges Riksbank Economic Commentaries, 13.
  • Oustry, A., Erkan, B., Svartzman, R., & Weber, P. F. (2020). Climate-related risks and central banks’ collateral policy: A methodological experiment. Banque de France Working Paper 790.
  • Sartzetakis, E.S. (2021). Green bonds as an instrument to finance low carbon transition. Econ Change Restruct, 54, 755-779. https://doi.org/10.1007/s10644-020-09266-9.
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İklim değişikliğine karşı merkez bankalarının dönüşümü: Yeşil merkez bankacılık

Yıl 2022, Cilt: 5 Sayı: 3, 135 - 156, 09.11.2022

Öz

Küreselleşme fenomeni ile ortaya çıkan en önemli negatif dışsallıkların başında gelen ve küresel kamusal kötü olarak nitelendirilen iklim değişikliği, finans sektörü ve reel ekonomiyi etkilediği için merkez bankalarının kaynak tahsisinde yeşil para ve sermaye araçlarını kullanması yeşil dönüşümü gerektirmiştir. İklim krizi olgusu ile mücadele edilmesi gerekliliğinin aciliyeti, esas olarak iklim değişikliğinin kısmen geri döndürülemezliği ve eylemi geciktirmenin önemli maliyetleri nedeniyle, tüm politika yapıcıların bu zorluklara karşı rollerini ve var olan potansiyellerini keşfetmelerini gerektirmektedir ki son dönemde sayıları artan akademik çalışmalarla birlikte finansal sistemi yeşillendirme ağı ve sürdürülebilir bankacılık ağı gibi uluslararası merkez bankalarının dâhil olduğu kuruluşların vücut bulması, iklim krizi ile mücadele kapsamında merkez bankalarının geleneksel hedeflerinden dönüşümüne bir işaret olarak gösterilmektedir. Bu bağlamda yeşil merkez bankacılık, sürdürülebilir bir anlayışla iklim ve çevre değişikliğinden kaynaklanan riskleri minimize etmeyi, fiyat ve finansal istikrar hedeflerini korumayı amaçlayan bir bankacılık kavramı olarak tanımlanmaktadır. Bu çalışmada iklim kaynaklı finansal risklerin neler olduğu, bu risklerin finansal sektörü ve reel ekonomiyi nasıl etkilediği, merkez bankalarının iklim kaynaklı risklere karşı hangi enstrümanları kullanarak nasıl tepki verebileceği ve merkez bankalarının yeşil dönüşümü gerçekleştirme potansiyeli ile birlikte var olan sınırlılıklar incelenmiştir. Bu çalışmanın amacı, merkez bankalarının iklim değişikliğinden kaynaklı riskleri ve para politikalarındaki istikrarsızlıkları azaltmak için uygulayacağı alternatif yöntemleri belirleyerek küresel düzeyde uzun vadeli sürdürülebilir bir stratejik yaklaşımı benimsemektir. İklim değişikliğinden kaynaklı risklerin azaltılması, yeşil ekonomiye geçiş için düşük karbon ekonomisinin benimsenmesi, iklim adaptasyonunun maliyetlerinin artması, emek ve sermayenin yoğun emisyonlardan yeşil endüstrilere yeniden tahsisi, çalışmanın ekonomik sonuçları kapsamında yer almaktadır. Bu kapsamda fazla tazminat talebi ve daha pahalı sigorta primleri, değişen yapısal faiz oranı seviyesi ve devlet borcunun sürdürülebilirliği ile ilgili zorluklar ise iklim değişikliğinden kaynaklı finansal sonuçlar kapsamında ele alınmaktadır.

Kaynakça

  • Arndt, C., Loewald, C., & Makrelov, K. (2020). Climate change and its implications for central banks in emerging and developing economies. South African Reserve Bank Working Paper 20/04.
  • Barmes, D., & Livingstone, Z. (2021). The green central banking scorecard: How green are g20 central banks and financial supervisors? Positive Money. Available at: https://positivemoney.org/publications/green-central-banking-scorecard.
  • Batten, S., Sowerbutts, R., & Tanaka, M. (2016). Let’s talk about the weather: The impact of climate change on Central Banks. Bank of England Staff Working Paper no. 603.
  • BCTR. (2021). Dijital TL testleri başlıyor. https://bctr.org/dijital-tl-testleri-basliyor-23077/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2021a). Japonya Merkez Bankası resmi olarak CBDC testlerine başladı. https://bctr.org/japonya-merkez-bankasi-resmi-olarak-cbdc-testlerine-basladi-21704/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2021b). Rusya sınır ötesi ödemeler için CBDC’leri araştırıyor. https://bctr.org/rusya-sinir- otesi-odemeler-icin-cbdcleri-arastiriyor-22469/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2021c). Nijerya Ekim ayında CBDC pilot çalışmalarına başlıyor. https://bctr.org/nijerya- ekim-ayinda-cbdc-pilot-calismalarina-basliyor-23004/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2021d). İngiltere Merkez Bankası, CBDC çalışma grubunu duyurdu. https://bctr.org/ingiltere-merkez-bankasi-cbdc-calisma-grubunu-duyurdu-23682/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2022). İsviçre Merkez Bankası diğer bankalarla birlikte CBDC’yi deniyor. https://bctr.org/isvicre-merkez-bankasi-diger-bankalarla-birlikte-cbdcyi-deniyor-25013/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2022a). Güney Kore CBDC testlerini ilerletiyor. https://bctr.org/guney-kore-cbdc-testlerini- ilerletiyor-25124/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2022b). Yeni Zelanda CBDC’ler üzerinde çalışmaya başladı. https://bctr.org/yeni-zelanda- cbdcler-uzerinde-calismaya-basladi-25494/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2022c). Jamaika 2022’de kendi dijital parasını çıkarmaya hazırlanıyor. https://bctr.org/jamaika-2022de-kendi-dijital-parasini-cikarmaya-hazirlaniyor-25316/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2019). Avrupa Merkez Bankası dijital para planlarını hızlandırabilir. https://bctr.org/avrupa- merkez-bankasi-dijital-para-planlarini-hizlandirabilir-12803/, Erişim Tarihi: 07.05.2022.
  • BCTR. (2020). Çin Merkez Bankası dijital para cüzdanı ortaya çıktı. https://bctr.org/cinin-merkez- bankasi-dijital-para-cuzdani-ortaya-cikti-15307/, Erişim Tarihi: 07.05.2022.
  • BOJ. (2021). The bank of Japan's strategy on climate change. https://www.boj.or.jp/en/announcements/release_2021/rel210716b.pdf., Erişim Tarihi: 20.05.2022.
  • Bolton, P., Després, M., Pereira da Silva, L., Samama, F., & Svartzman, R. (2020). ‘Green Swans’: Central banks in the age of climate-related risks. Banque de France Bulletin, 229(8).
  • Breitenfellner, A., Pointner, W., & Schuberth, H. (2019). The potential contribution of central banks to green finance. Vierteljahrshefte zur Wirtschaftsforschung. Duncker & Humblot, Berlin, 88(2), 55-71. https://doi.org/10.3790/vjh.88.2.55.
  • Campiglio, E. (2016). Beyond carbon pricing: The role of banking and monetary policy in financing the transition to a low-carbon economy. Ecological Economics, 121, 220-230. https://doi.org/10.1016/j.ecolecon.2015.03.020.
  • Campiglio, E., Dafermos, Y., Monnin, P., Ryan-Collins, J., Schotten, G., & Tanaka, M. (2018). Climate change challenges for central banks and financial regulators. Nature Climate Change, 8(6), 462-468. https://doi.org/10.1038/s41558-018-0175-0.
  • Carney, M. (2015). Breaking the tragedy of the horizon-climate change and financial stability, Speech given at Lloyd’s of London. Bank of England.
  • Cipollone, P. (2022). The role of central banks for green finance. 11-12 Mart 2022 tarihli konuşma https://www.bancaditalia.it/pubblicazioni/interventi-direttorio/int-dir-2022/Cipollone- 2022.03.11.pdf.
  • Cœuré, B. (2018). Monetary policy and climate change, speech at a conference ‘Scaling up Green Finance: The role of central banks’ organised by the NGFS. the Deutsche Bundesbank and the Council on Economic Policies, November.
  • Dafermos, Y. (2021). Climate change, central banking and financial supervision: Beyond the risk exposure approach. SOAS Department of Economics Working Paper No. 242, London: SOAS University of London.
  • Dafermos, Y., Nikolaidi, M., & Galanis, G. (2018). Can green quantitative easing (QE) reduce global warming?. GPERC. 1-5.
  • Danmarks Nationalbank. (2021). Climate change and the role of central banks. https://www.nationalbanken.dk/en/publications/Pages/2021/07/Climate-change-and-the-role-of- central-banks.aspx, Erişim Tarihi: 20.05.2022.
  • Dikau, S., & Volz, U. (2018). Central banking, climate change and green finance. J. Sachs, W. Thye Woo, N. Yoshino, & F. Taghizadeh-Hesary (Eds.). In Springer. Handbook of green finance: Energy security and sustainable development (pp. 81–102). New York: Springer. https://core.ac.uk/download/pdf/161527987.pdf.
  • Dikau, S., & Collins, J. R. (2017). Green central banking in emerging market and developing country economies. New Economics Foundation. http://neweconomics.org/2017/10/green- centralbanking-emerging-market-developing-country-economies/.
  • Dinçer, N. N. (2021). Merkez bankaları değişiyor mu?. https://iktisatvetoplum.com/merkez-bankalari- degisiyor-mu-nazire-nergiz-dincer/, Erişim Tarihi: 20.05.2022.
  • D'Orazio, P., & Popoyan, L. (2020). Taking up the climate change challenge: A new perspective on central banking. LEM Working Paper Series, No. 2020/19 https://doi.org/10.13140/RG.2.2.11878.96321.
  • Durrani, A, Volz, U., & Rosmin, M. (2020). The role of central banks in scaling up sustainable finance-what do monetary authorities in the Asia-Pacific region think? Journal of Sustainable. Finance & Investment, 10(2), 92-112. https://doi.org/10.1080/20430795.2020.1715095.
  • European Banking Federation (2017). Towards a green finance framework. https://www.ebf.eu/wp- content/uploads/2017/09/Geen-finance-complete.pdf.
  • Flaherty, E. (2020). Green central banking: Options for the ECB on climate change. https://www.iiea.com/publications/green-central-banking-options-for-the-ecb-on-climate- change.
  • Global Public Investor. (2019). Central banks and climate change. OMFIF Special report, 145-155. https://www.omfif.org/wp-content/uploads/2020/02/ESG.pdf.
  • Monnin, P. (2018). Central banks should reflect climate risks in monetary policy operations. SUERF Policy Note, Issue, 41.
  • Network for Greening the Financial System (NGFS). (2018). First Progress Report, October.
  • Network for Greening the Financial System (NGFS). (2021). Guide on climate-related disclosure for central banks, December.
  • Network for Greening the Financial System. (2019a). NGFS First Comprehensive Report. A Call for Action - Climate Change as a Source of Financial Risk, NGFS.
  • Network for Greening the Financial System. (2019b). A call for action: Climate change as a source of financial risk. Network for Greening the Financial System, April.
  • Network for Greening the Financial System. (2022). Membership. https://www.ngfs.net/en/about- us/membership, Erişim Tarihi: 14.06.2022.
  • ODI. (2021). The role of central banks in   tackling climate change. https://cdn.odi.org/media/documents/ODI_role_of_central_banks_in_tackling_climate_change. pdf.
  • OECD. (2013). Taxing energy use - A graphical analysis. Organisation for economic co-operation and development, Paris.
  • Olovsson, C. (2018). Is climate change relevant for central banks?. Sveriges Riksbank Economic Commentaries, 13.
  • Oustry, A., Erkan, B., Svartzman, R., & Weber, P. F. (2020). Climate-related risks and central banks’ collateral policy: A methodological experiment. Banque de France Working Paper 790.
  • Sartzetakis, E.S. (2021). Green bonds as an instrument to finance low carbon transition. Econ Change Restruct, 54, 755-779. https://doi.org/10.1007/s10644-020-09266-9.
  • Schnabel, I. (2021). Climate change and monetary policy. Finance & Development, Eylül 2021.
  • Schnabel, I. (2021). From green neglect to green dominance, Intervention by Isabel Schnabel, Member of the Executive Board of the ECB, at the “Greening Monetary Policy – Central Banking and Climate Change” online seminar, organised as part of the “Cleveland Fed Conversations on Central Banking”.
  • Schoenmaker, D. (2019). Greening monetary policy. Bruegel Working Paper 02. htt://bruegel.org/wp- content/uploads/2019/02/Greening-monetary-policy.pdf.
  • Skinner, C. P. (2021). Central banks and climate change. Vand. L. Rev, 74(5), 1301-1364.
  • Stern, N. (2016). Climate change and central banks. BIS Meeting. https://www.lse.ac.uk/GranthamInstitute/wpcontent/uploads/2016/03/160309_BIS_slides_final_for_websites.pdf.
  • Stern, N. 2006. The Stern review: The economics of climate change. Cambridge University Press, Cambridge.
  • Türkiye Cumhuriyet Merkez Bankası. (2021). İklim Değişikliği Kaynaklı Finansal Riskler ve Çevreci Finans. Finansal İstikrar Raporu, Mayıs 2021.
  • Türkiye Cumhuriyet Merkez Bankası. (2021). Enflasyon Raporu 2021-IV. Ekim 2021.
  • Türkiye Cumhuriyet Merkez Bankası. (2021). Finansal İstikrar Raporu 2021- Mayıs 2021. Türkiye Cumhuriyet Merkez Bankası. (2021). Yıllık Faaliyet Raporu. Mart 2022.
  • Türkiye Sınai Kalkınma Bankası (2021). İklim Riskleri Raporu İklimle Bağlantılı Finansal Beyanlar Görev Gücü (TCFD) Beyanı, Yeşil Kuğu Platformu.
  • United Nations (2022). Climate change. https://unfccc.int/process-and-meetings/the-paris- agreement/the-paris-agreement, Erişim Tarihi: 07.05.2022.
  • Van Lerven, F., & Ryan-Collins, J. (2017). Central banks, climate change and the transition to a low- carbon economy. The New Economics Foundation, 1-16.
  • Villeroy de Galhau (2021). The role of central banks in the greening of the economy. 11 Şubat 2021 tarihli konuşma, https://www.banque-france.fr/en/intervention/role-central-banks-greening economy.
  • Volz, U. (2017). On the role of central banks in enhancing green finance. UN Environment Inquiry Working Paper 17/01, Geneva.
  • Weidmann, J. (2021). What role should central banks play in combating climate change?. Green Banking and Green Central Banking, 24, 159.
  • Weitzman, M. L. (2011). Fat tailed uncertainty in the economics of catastrophic climate change. Review of Environmental Economics and Policy, 5(2), 275-292. https://doi.org/10.1093/reep/rer006.
  • World Bank., & Ecofys. (2014). State and trends of carbon pricing 2014. World Bank, Washington DC
Toplam 61 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Araştırma Makalesi
Yazarlar

Olcay Yılmaz 0000-0002-2299-0805

Mısra Çakaloğlu Bu kişi benim 0000-0002-2493-2385

Yayımlanma Tarihi 9 Kasım 2022
Kabul Tarihi 28 Eylül 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 5 Sayı: 3

Kaynak Göster

APA Yılmaz, O., & Çakaloğlu, M. (2022). İklim değişikliğine karşı merkez bankalarının dönüşümü: Yeşil merkez bankacılık. Business Economics and Management Research Journal, 5(3), 135-156.

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