4  For what it is worth, I think that the Wicksellian notion of the natural rate of return on capital, the market interest rate and the dynamics set in train by the differences between those two rates is one of the more useful analytical devices for understanding the modern economy with a private credit system.
Take, for instance, the internal model parameters like Probability of Default or Loss Given Default. And some elements in the framework are already able to incorporate new information regarding climate-related risks. For example, before C&E risks materialize, External Credit Rating Agencies could take into account available and relevant information regarding environmental factors.