ADAPTIVE MONETARY POLICIES TO CLIMATE CHANGE AND GREEN ECONOMY
Keywords:
Adaptive Monetary Policy, Climate Change, Green Economy, Central Banks, Climate RiskAbstract
Climate change and the shift to a low-carbon economic paradigm ("green economy") have created new macro-economic challenges, including in the tasks and strategies of monetary authorities. This article aims to analyze how monetary policy can be adaptive to climate change and support the transition to a green economy, as well as identify instruments and obstacles in its implementation. The research method is descriptive qualitative based on a review of recent literature and policy studies. The results show that central banks need to expand their analytical framework to include physical climate and transition risks, develop "green" monetary instruments such as green refinancing, green asset purchases (green QE), differentiation of reserve and collateral requirements based on environmental criteria, and strengthen coordination between monetary policy, fiscal and financial regulation. Nonetheless, there are significant obstacles such as unclear institutional mandates, limited data on climate risks, and potential conflicts between short-term price stability and the long-term sustainability agenda. Thus, the integration of adaptive monetary policy and green economy is important to achieve macro stability and sustainable development.
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