2  Needless to say, central banks also have a role to play. They examine sustainability profiles, and in particular climate risks, as they can affect the ability to pursue their institutional goals of price and financial stability and supervisory tasks.
Climate risks call for a change of paradigm, expanding the horizon of empirical and theoretical analysis to better understand and integrate the effects of climate change into macro-financial models and policy tools. In the euro area, central banks are actively working to integrate climate change considerations with their mandates.