APA-Dakar (Senegal) – The international conference on the role of these financial institutions in policies to adapt to climate change highlighted the need to join forces for greater efficiency.
By Abdourahmane Diallo
The international conference on the role of central banks in climate change adaptation policies, held on Tuesday, February 6, in Diamniadio, some thirty kilometers east of Dakar, highlighted the need for coordination and close cooperation between central banks in the fight against the effects of climate change.
The event, organised by the Central Bank of West African States (BCEAO), showed that it is crucial for these financial institutions to act in concert in order to achieve the appropriate regulations to make a positive contribution to the greening of the world’s economies.
At the end of the session, Jean-Claude Kassi Brou, Governor of the BCEAO, raised a number of key points as he highlighted the real systemic risk posed by climate change and called for a regulatory framework that allows central banks to have a positive impact.
“This is an issue that affects the whole planet,” he said, underlining the urgent need for coordinated action by central banks in the face of this global challenge.
He emphasised that while central banks should take an interest in the impact of climate change, they must never lose sight of their core mission, which is to contribute to financial stability.
“Taking an interest in the impact of climate change on financial stability policy cannot and must not call into question the objectives and mandates of central banks. They must continue to implement policies that take into account the impact of climate change on financial stability risks without compromising their core mission,” Mr. Brou stressed.
He also called for greater cooperation between the various stakeholders, stressing that financial stability objectives must remain an absolute priority. “This is even essential if we are to achieve the objectives set for addressing the impact of climate change,” he stressed.
Mr. Brou also emphasised the need to deepen knowledge of climate change in order to better assess the risks and define how central banks should intervene.
“This is an activity that central banks must undertake in order to help define policies,” he said.
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