“The Eurosystem should consider only purchasing securities or accepting them as collateral for monetary policy purposes if their issuers meet certain climate-related reporting obligations,” said Mr Weidmann in a speech given at the European Banking Congress in Frankfurt am Main. 

According to Bundesbank President Jens Weidmann central banks could do more to curb global warming. In an op-ed for the “Financial Times” he pointed out a number of possible courses of action. However, he added, central banks should stay focused on their primary objective, price stability. “When it comes to saving the planet, central banks do not have a magic wand”, he wrote.

Bundesbank Executive Board member Sabine Mauderer has warned of the enormous costs that climate change will cause for the economies and societies. "More public and private money needs to flow into research and development, fostering climate-friendly innovation," Mauderer demanded at a conference. This would help to master the necessary transformation in the real economy.

The Network for Greening the Financial System (NGFS) has published two reports which lay out specific measures to assess climate vulnerabilities. "This provides us with concrete tools to prepare for the risks created by climate change," Bundesbank Executive Board member Sabine Mauderer and Sarah Breeden from Bank of England write.