The Bank of Greece on climate

The Bank of Greece is systematically involved in the issue of climate change.

Through the CCISC’s research and activities, the Bank aims to contribute to the conduct of appropriate policies aimed to address the risks and exploit the opportunities arising from climate change.

Climate change, environmental and energy issues are regularly discussed in a separate chapter of the Bank’s Annual Report.

Read the relevant chapters:

2013, 2012, 2011, 2010, 2009, 2008

See selected speeches:

03/04/2019 - Keynote address by Bank of Greece Governor Yannis Stournaras at the Symposium on “Climate Change: Threats, Challenges, Solutions for Greece”.

01/10/2018 - Keynote address by the Bank of Greece Governor Yannis Stournaras at the Second Sustainability Summit for South-East Europe and the Mediterranean: “Challenges and prospects for sustainable growth”.

30/06/2017 - Speech by Bank of Greece Governor Yannis Stournaras at the 23rd Annual Conference of the European Association of Environmental and Resource Economists (EAERE) Dinner.

Since 2014, the Bank of Greece has signed a Memorandum of Understanding with the Ministry of Environment and Energy and participates in the LIFE-IP AdaptInGreece − Boosting the implementation of adaptation policy across Greece. The project has a duration of eight years (2019-2026) and is coordinated by the Ministry of Environment and Energy. The Bank of Greece (one of the 18 partners) is involved in several workstreams, including:

  1. monitoring and evaluating the implementation of the measures provided for in the National Strategy for Adaptation to Climate Change;
  2. updating CCISC’s 2011 report The environmental, economic and social impacts of climate change in Greece, Climate Change Impact Assessment Committee;
  3. revising the National Strategy for Adaptation to Climate Change, which was drafted by CCISC and, following public consultation, adopted by Parliament with Law 4414/2016;
  4. building national and regional capacity for designing and implementing adaptation policy actions.

In early 2019, the Bank of Greece joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS), which currently has 40 members and 6 observers and has been set up for the purpose of strengthening the global response required to meet the goals of the Paris Agreement and enhancing the role of the financial system in the fight for sustainable development. The NGFS aims to exchange experiences, share best practices, contribute to the development of environment and climate risk management in the financial sector and to mobilise finance to support the transition towards a sustainable economy. The Bank’s contribution to the NGFS is ensured through the activities of the CCISC.

In the context of the UN Sustainable Development Goals, the Bank of Greece has endorsed and supports the Principles for Responsible Banking developed by United Nations Environment Programme – Finance Initiative (UNEP-FI) with the aspiration to define the role and responsibilities of the banking industry in shaping a sustainable future. Banks that sign the Principles are committed to aligning their business strategy with the goals of the global community and creating value for society. Among other things, the Principles establish criteria for responsible and sustainable banking through a holistic assessment of the risks and opportunities arising from bank’s activities. They also encourage banks to measure and disclose the impact, positive or negative, of their products and services on society and the environment. [Annual Report 2018 – in Greek]

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