According to the latest NGFS survey, central banks mentioned “reputational risks” and “to set a good example” as their main motivations to adopt responsible investment practices. It is worth mentioning that the NGFS survey is a global, not a European survey, with 40 central banks in over five continents participating.
I would also like to highlight the joint decision made by Eurosystem central banks earlier this year to measure and disclose the climate-related risks of the euro-denominated non-monetary policy portfolios. Non-monetary policy portfolios fall within Eurosystem national central banks’ independent decision-making. Yet, all the 19 national central banks and the European Central Bank decided to adopt a common stance.