We, central bankers, must consider climate change in the context of central bank responsibilities. However, at the same time, we should not forget the broader picture of the effects of climate change on society and the economy around the globe. I believe Professor Sachs of Columbia University, who will next take the floor, will share with us his broad perspective on this.
This research also holds important lessons for policymaking aimed at improving societal welfare (Clark, Flèche, Layard, Powdthavee, and Ward 2018). Progress has also been made in other fields such as education. Around 1800, not even one-fifth of the global population could read and write; in Germany, only one person in two was literate.