Failure to tackle climate change in a speedy and effective way could lead to financial instability in Ireland, according to the governor of the Central Bank. Entitled Climate Change and the Irish Financial System, Mr Lane’s lecture focused on the climate-related work agenda facing the Central Bank. “The economy-wide and societal challenges posed by climate change mean that it is inevitable that the financial system has a central role in managing climate risks and financing the carbon transition,” said Mr Lane. “Accordingly, the strategic plans of financial firms will have to address climate change. Equally, as the guardian of financial stability and the financial regulators, central banks have a leadership role in ensuring that climate change is a strategic priority for the financial system as a whole.

Source: Irish Examiner February 06, 2019 04:41 UTC