I wish more people had dared to work on disruptions of energy supply (or global value chains) a few years ago. Likewise, the latest report of the Working Group III of the IPCC (dedicated to climate mitigation) contains a chapter (#5) that places great emphasis on the need for sufficiency and behavioral changes, and it discusses the literature exploring how we could thrive as societies and individuals without depending so much on GDP growth. Professor Dasgupta also invites us not only to acknowledge that GDP growth will be limited at some point even if you are a techno-optimist, but also to think about new approaches to economic value and social well-being that do not rely on GDP. All this begs us, and especially the young scholars present today, to ask what will be essential in 5 to 10 years from now. In addition to this need to promote new approaches, it is urgent to act. 9  Page 10 sur 12 We cannot afford to lose time or to wait until we have elaborated “perfect” tools. We need to seek how transformative changes can be implemented as soon as possible and if needed, develop and revise our scenarios, metrics, approaches. The responsibility to revert nature loss falls first and foremost with governments, and no central bank – above all in a democracy - can replace them.
Conference “Frontiers of climate and nature in macroeconomics and finance” Paris, 24 October 2022  Central banking in the Anthropocene: How to re-embed our economic and financial systems within planetary boundaries? Speech by Sylvie Goulard, Deputy Governor of the Banque de France  Page 1 sur 12 Ladies and Gentlemen, I am very pleased to open this conference, as nature is a topic close to my heart. I would like to start by thanking the organizers from the Banque de France, the NGFS, the Sustainable Macro initiative and the INSPIRE research initiative for putting together this important event on the frontiers of macroeconomics and finance with regard to climate and nature. In addition, I truly appreciate the presence of many young researchers. It is key to transform the study of macroeconomics and finance for a new ecological era. I would also like to use my time with you this morning to pay tribute to the next speaker at today’s conference, Professor Sir Partha Dasgupta, who published an incredibly powerful report last year.i The introduction of the so-called Dasgupta Review makes it clear that (and I quote): “My reader is the concerned citizen. She is someone who has watched television documentaries on the state of the biosphere and has read reports in newspapers and magazines on the extent to which Earth is being degraded and biodiversity is being lost.