Unlike monetary policy, climate policy changes the distribution of resources and income distinctly and permanently. Democratic processes and direct political accountability are important when making such decisions. The mandate given to central banks should be interpreted narrowly, particularly because we were specifically granted independence in order to safeguard price stability.
If we overstretch our remit, we risk undermining this independence and thus also our ability to keep prices stable. This could also give the impression that we are pursuing multiple or unclear objectives, which would weaken the focus that enables monetary policy to be credible in the first place.