There can be no doubt that climate change also poses risks for price stability, for example by hampering monetary transmission due to stranded assets, by affecting potential growth and the natural real interest rate, or by causing greater macroeconomic volatility. It is becoming increasingly clear that these risks will not materialise in the distant future but much faster than expected.
The tragedy of an alleged long horizon  [2] is increasingly turning into a tragedy of having too little time to act. The urgency of this topic, mainly due to the partial irreversibility of climate change and the significant costs of delaying action[3], requires all policymakers to explore their roles in tackling this challenge.