1/3  BIS - Central bankers' speeches  A reminder of this - if we needed one - was neatly provided to us by a plane-load of cocaine crashing on a runway not far from here on July 26, 2020. The cocaine shipment, was facilitated – whether knowingly or unknowingly, by international banks, shipping agents, accountants, lawyers, high-value goods dealers, insurance companies-.
Therefore, it is my view that central banks’ climate-related investment policies should be based, to the extent possible, on predetermined, objective and transparent criteria. Since 2019, the Bank of Italy has been using ESG criteria for the investment of its non-monetary equity portfolio, while broadly preserving neutrality and diversification.