These changes will then be mapped onto banks’ capital positions, or corporate bond and equity portfolios held by other intermediaries, to determine the overall impact on the supply of funds to the economy. This is very ambitious but important work. Directly linked to this topic is the question of how climate change-related risk will affect the underlying factors that guide our monetary policy.
Here, research is needed to get an idea of how the transmission channels can be influenced by climate change. So there’s more than enough work to be done, and this work is urgently needed and complex. We shouldn’t delay. 3/3  BIS central bankers' speeches