2022-06-17-美联储-美联储金融账户报告_49页_4mb

Central Bank Communication about Climate Change Summary

1. Data & Methodology

• Analyzed over 17,000 speeches from 108 central banks (1997-2021).
• Applied natural language processing to identify climate-related speeches using seed word "climate change" and iterative refinement with keywords, ensuring validity through word frequency and manual validation.
• Analyzed topics not only in financial stability/macropur views but also sustainability, innovation, policy tools, etc.

2. Key Findings

• Expansion in Communication: Central bank communication on climate change has sharply increased, especially since 2015, in terms of both frequency and intensity (speech scores).

• Broad Topic Coverage: Discussed topics include climate impact, financial system resilience, sustainable finance, monetary policy, and central bank mandate.

• Focus on Risk Management: Mostly touch upon financial stability (identifying climate risks) but rarely discuss macroprudential policy tools directly. Focus on microprudential measures like supervision, stress testing, and disclosures.

• Use of Speculative Language: Central banks use speculative language (may, might) nearly 10% more often in climate-related speeches than others, likely due to uncertainties around climate risks.

• Advanced vs. Emerging Economies: Advanced economies discuss climate change more in the context of monetary policy/mandates; emerging markets focus more on sustainable finance and green policies.

## 3. Conclusion

- Provide clearer and less ambiguous communication to build credibility as financial institutions/central banks learn more about climate-related financial risks.