Climate change and climate policy have an impact on society, the economy and the financial system and consequently touch upon almost all core central bank tasks. Against this backdrop, the Bundesbank is reporting for the second time now on how it incorporates the financial implications of climate change and climate policy into its work.

The Bundesbank's climate-related disclosures for 2023 form part of the Eurosystem-wide climate-related disclosures on the non-monetary policy portfolios (NMPPs). These require all Eurosystem central banks to disclose climate-related metrics and targets for their euro-denominated NMPPs. From now on, this will take place on an annual basis.

In addition to disclosures relating to the euro-denominated portfolio (euro portfolio), the Bundesbank is, this year, disclosing its new sustainable investment strategy and the corresponding climate-related metrics for the foreign currency portion of foreign reserve assets.

As in 2022, the climate-related disclosures for 2023 are based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFDp;