Our ApproachClimate change poses risks to economic and financial stability. At Central Bank of Ireland, we are working to understand these risks, their implications and the responses required. This will help ensure we can continue to serve the public interest by maintaining monetary and financial stability. We’re focusing our work programme on three key aspects:Building financial resilience, both at microprudential and macroprudential levelInforming national climate policy through data, research and collaboration on the macro-financial aspects of climate change and the transition to net zeroEnabling the financial system to play its role in transition. The path to net-zero is not linear but its necessity is clear: the costs associated with taking action to tackle climate change are much smaller than the costs associated with inaction. Focus Areas The Climate Forum The Climate Risk and Sustainable Finance Forum builds a shared approach between the financial sector and Central Bank of Ireland. Financial Regulation & Supervision We regulate the financial system to manage climate risks, strengthen resilience, support net-zero transition, and protect consumers. Economic & Financial Interlinkages Climate change is a long-term, intergenerational crisis requiring significant technological and behavioural change. The Central Bank & Sustainability We aim to invest our financial assets sustainably and manage our operations in an environmentally-friendly way. International Engagement Recognising climate change as a global issue, Central Bank of Ireland supports international efforts to address it. Key Publications & Speeches Climate Observatory Our Climate Observatory provides an update on climate-related financial and non-financial metrics using internal analytics and external data sources. Funding Climate Adaptation This joint Central Bank of Ireland and the Climate Change Advisory Council report sets out the need to increase adaptation investment. Climate-Related Macrofinancial Risks Speech by Deputy Governor Vasileios Madouros outlining the macrofinancial risks of climate change and the case for urgent action. Climate Risk & Sustainable Finance Speech by Governor Makhlouf calling on Ireland's financial sector to deliver climate action and sustainable finance outcomes. Resources Archive Publications Funding Climate Adaptation in Ireland Behind the Data – Beliefs and barriers: Climate change and Irish firms’ access to finance Planning for the Transition to Net Zero - Our Perspective | pdf 853 KB January 2025 - Measuring Flood Risk in Business Lending Climate Change and the Financial Sector: Introducing the new ESCB Analytical Indicators of Carbon Emmissions (Kennedy) | pdf 905 KB Assessing the Macroeconomic Impact of Carbon Budgets (McInerney and FitzGerald) Climate Observatory 2024 | pdf 4430 Fiscal Priorities for the Short and Medium Term (Conefrey, Hickey, Lozej, McInerney, Staunton and Walsh) | pdf 1095 08RT23 Macroeconomics Effests of Carbon Transition Policies: An Assessment Based on the ECB's New Area-Wide Model with a Disaggregated Energy Sector (Coenen, Lozej and Proftis) | pdf 1409 KB Guidance for (Re)Insurance Undertakings on Climate Change Risk | pdf 525 KB May 2024 Account of Climate Forum Meeting | pdf 268 KB SFDR CP Response Letter | pdf 88 KB December 2023: Account of Climate Forum Meeting | pdf 249 KB Climate Observatory (released January 2024) | pdf 2516 KB November 2023 - Surveying the Green Lending Landscape to Households and Non-Financial Corporations No.4 Going Green - The Growth in Green Mortgage Financing in Ireland (Lambert, Lyons and Carroll) | pdf 833 KB Climate-related Financial Disclosures Report 2023 | pdf 866 KB No. 1 An Estimate of Climate-Related Transition Risk in Irish Mortgages Lending (Adhikari, Carroll and Lambert) | pdf 454 KB Information note - Sustainable finance and the asset management sector: Disclosures, investment process & risk management | pdf 723 KB CP151 Climate Change Guidance for (Re)insurers | pdf 432 KB No. 7 Climate Risks in the Financial System - An Overview of Channels Impact and Heterogeneity (Carroll) | pdf 1047 KB The Macroeconomic Implications of Climate Change for Central Banks (McInerney) | pdf 1414 KB Governor Letter - Climate Expectations (November 2021_ | pdf 4533 KB Vol. 2019, No. 1 Climate Change and the Irish Financial System (Lane) | pdf 834 KB Speeches 27 November 2024: “Meeting the Climate Challenge” – Remarks by Deputy Governor Sharon Donnery at the Global Insurance Summit Europe 15 May 2024 - Climate Change: Adapting to avoid the Prisoner’s Emissions Dilemma - Remarks by Governor Makhlouf at EPA Annual Climate Change Conference 21 November 2023: "Walking the Path – the Transition to Net-Zero" - Remarks by Deputy Governor Sharon Donnery at Climate Finance Week 22 June 2023: Insurance, regulation, and the transition to a net zero economy – Remarks by Gerry Cross, Director of Financial Regulation, Policy & Risk 12 June 2023: “Much done, much more to do – climate risks and the banking sector” – Remarks by Deputy Governor Sharon Donnery 27 March 2023: Climate Change: “In a Challenging and Uncertain Environment, we should not lose sight of Climate-related Risks and our Collective Roles in Addressing those Risks” 18 October 2022: No time to wait: Addressing Climate Risk in the Financial System today – Remarks by Sharon Donnery, Deputy Governor, Central Bank of Ireland and Member of the Supervisory Board of the ECB, at Climate Finance Week 2022 1 June 2022: Climate Change: Avoiding the 'Do I Feel Lucky?' school of policymaking - Governor Gabriel Makhlouf at Chatham House's Waddesdon Club of Financial Leaders 28 February 2020: Climate Change, the Financial System and the role of Central Bank - Vasileios Madouros, Director of Financial Stability, Central Bank of Ireland