The Governor of the Bank of Greece, Yannis Stournaras, referred to the actions of central banks in the field of sustainable development to combat climate change during his speech at the Annual General Meeting of the Union of Hellenic Banks.

"The impact of climate change on the economy has not yet been accurately assessed, but it is expected to be significant, as are the effects of the transition to a zero-carbon economy and the necessary adaptation investments," Stournaras said.

"In this context," he added, "governments, especially in Europe, are increasingly taking measures to mitigate and adapt to climate change in order to limit losses in human and physical capital and economic resources."

The Governor of the BoE noted that climate change affects, both in the short and long term, macroeconomic variables such as inflation and growth, hence central banks' monetary policy making, while creating risks to the financial system and affecting the safety and soundness of financial institutions.