The green transition requires a substantive shift in financial flows that will not occur without policy interventions. We map out and critically assess the dominant, ‘risk-based’ approach which relies on changing the relative prices of green /dirty assets. Since it outsources the pace and...

The climate and biodiversity emergencies require structural economic shifts that will necessitate strategic coordination between macroeconomic policy authorities. The Covid-19 episode saw the implementation of monetary-fiscal policy coordination not seen since the 1970s to avert catastrophic...

This report explores the interactions between nature-related financial risks and monetary policy, focusing on the ECB’s corporate asset purchase operations (also described as corporate ‘quantitative easing’ or ‘QE’). Using the ENCORE framework, we find that the sectors the ECB is...