The Bank of Greece is systematically involved in the issue of climate change.
In 2021, the Bank of Greece established the Climate Change and Sustainability Centre (CCSC), in order to further the work being done since early 2009, when the Climate Change Impacts Study Committee (CCISC) was set up. The decision to establish the CCSC signals the great importance that the Eurosystem and the Bank of Greece attach to 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
The Bank of Greece has adopted the Eurosystem’s common stance for climate change-related sustainable and responsible investment principles for euro-denominated non-monetary policy portfolios. In line with this common stance, the Bank of Greece has, since March 2023, started to publish climate-related financial disclosures, providing information on the climate footprint of its euro-denominated non-monetary policy portfolios, using a common framework that defines minimum reporting requirements based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) of the Financial Stability Board (FSB) and of the Network for Greening the Financial System (NGFS), regarding metrics and targets for the evaluation and management of climate risks associated with these portfolios.
Related links: ECB Press Release, FAQ
Read the relevant disclosures:
See recent speeches
06/06/2023 - Yannis Stournaras, Governor of the Bank of Greece, on the World Environment Day
24/05/2022 - Opening remarks by Governor Yannis Stournaras at the “Adaptation Finance in Greece” online workshop “Current challenges and the role of the financial sector”
04/11/2021 - Keynote speech by Yannis Stournaras, Governor of the Bank of Greece at the COP26 EU Side Event, Climate crisis: Action in central banking
See relative speeches:
26/02/2020 - Introductory remarks by the Governor of the Bank of Greece Yannis Stournaras in a panel discussion “Transition to a Circular Economy”
30/09/2019 - Welcome Speech by Yannis Stournaras, Governor of the Bank of Greece at the lecture by Professor Robert Engle themed “A financial approach on climate change”
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.
Synergies with international networks and national bodies
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:
- monitoring and evaluating the implementation of the measures provided for in the National Strategy for Adaptation to Climate Change;
- updating CCISC’s 2011 report The environmental, economic and social impacts of climate change in Greece, Climate Change Impact Assessment Committee;
- 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;
- 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 (30/11/2021) has 102 members and 16 observers 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]
Since 2019, following the international scientific conference “Climate Change Impacts on Cultural Heritage: Facing the Challenge”, which took place in Athens with 43 participating countries, EMEKA is taking part in the initiative of the Greek government, the World Meteorological Organization (WMO) and UNESCO “Addressing climate change impacts on cultural and natural heritage”. At the same time, a flexible mechanism was set up, at United Nations level, with the support of a steering committee, in which the Bank of Greece also participates. This Greek initiative is being supported by more than 70 Member States and international organizations and highlights the direct relationship between monuments of nature and cultural heritage.
In March 2022, the Bank of Greece signed a Memorandum of Cooperation with the Ministry of National Defence in order to address the impacts of climate change and enhance the capabilities of the Ministry of National Defence in tackling them. Following the signing of the Memorandum, the two parties will cooperate to support the Ministry of National Defence initiatives and actions, which relate to climate change, utilizing the expertise provided by the Bank of Greece Climate Change Impacts Study Committee (CCISC). Additionally, both parties agreed to collaborate in the planning of a series of actions, in the context of this Memorandum.