Project description
Greening the gears of global monetary policy
With global temperatures rising and already above pre-industrial levels, it is clear that climate change is not a distant problem. Nevertheless, the central banking sector has historically remained on the sidelines of climate action. The EU-funded FINANCE4GREEN project aims to bring environmental accountability to the heart of the financial agenda. The project investigates the untapped potential of central banks to act as catalysts for the green transition. By developing a blueprint for ‘green central banking’, the consortium explores how to incorporate climate-related risks into monetary policy frameworks. This will ensure Europe leads the charge towards a sustainable and secure global economy.
Objective
"As the signals of an ecological and climate crisis are intensifying. The surface temperature of our planet is already around 1.2°C above pre industrial levels and is warming at an alarming rate. Against this, researchers at the International Panel on Climate Change (IPCC), share with us their assessments that meeting the 1.5°C target is possible, and yet it will require ""deep emissions reductions” and ""rapid, far-reaching and unprecedented changes in all aspects of society."" The International Energy Agency calls to double the pace of energy efficiency progress towards green transition and notes that “large scale financing mechanisms ought to be enacted”. Often alluded as a “Tragedy of Horizon”, climate change related risks had been regarded as the problems of long durée, to be tackled by future generations, leaving little motivation for the current cohorts. But this is no longer the case. As the urgency of the anthropogenic climate crisis becomes more explicit, greening of the global financial system steps ahead in our agenda, central banks being no exception. In fact, pathways to a net zero emissions global economy are relatively well-studied and understood. Yet, many of these studies focused mostly on green transition of the power sector and decarbonization of the industry, while financing of this transition and, particularly the potential role of the central banks, is a relatively neglected area in the design of the green policy infrastructure. Thus, there is clearly an unavoidable need to deepen our knowledge on the design of a “green central bank”, that is, in the words of Dikau & Volz, 2018, a central bank that takes environmental risks including climate change into consideration in its actions. It is the purpose of this research consortium to study the potential of greening of the monetary policy instruments, and set the stage for a new policy environment conducive to the struggle against climate change."
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
- engineering and technology environmental engineering ecosystem-based management climatic change mitigation
- natural sciences physical sciences astronomy planetary sciences planets
- natural sciences earth and related environmental sciences atmospheric sciences climatology climatic changes
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Keywords
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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HORIZON.1.2 - Marie Skłodowska-Curie Actions (MSCA)
MAIN PROGRAMME
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
HORIZON-TMA-MSCA-SE - HORIZON TMA MSCA Staff Exchanges
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) HORIZON-MSCA-2023-SE-01
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
34230 Istanbul
Türkiye
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.