绿色货币政策操作：探索更多选择

Exploring Additional Options January 2026 Foreword 3 1.Introduction5 2.Scope for greening monetary policy operations9 3.Extending current NGFS thinking12 3.1Central bank liabilities: new measures123.1.1Green minimum/statutory reserve requirements and deposits123.1.2Green central bank short-term debt securities163.2Advancing existing asset-side measures21 4.Practical challenges and how to address them23 4.1Widening the scope234.2General cost-benefit considerations26 5.Concluding remarks 28 References Annex 1 – Green Targeted Refinancing Operations General considerations36Greening benefits and possible options36Examples38 Acknowledgements39 Foreword Andreas JobstChief – Monetary PolicyCentral Bank of the United Arab Emirates Sabine MaudererDeutsche BundesbankChair of the NGFS The accelerating impacts of climate change are reshaping the environment in which central banks operate.Climate-related hazards can damage property, disrupt supply chains, and slow down production, while climatepolicies reshape demand, drive innovation and affect firm profitability, which may give rise to prolonged relativeprice changes in the economy. The economic ramifications of extreme weather events and transition policiesincreasingly intersect with the time horizons of monetary policy, creating challenges for central banks in maintainingprice/currency stability. This means that central banks will need to assess how climate-related shocks – often resembling large,unpredictable, and potentially persistent supply shocks – could complicate striking an effective balance between price stabilityand economic growth. Since 2019, the NGFS has been exploring the impact of climate change on monetary policy. The launch of the Workstream onMonetary Policy in 2022 formalised this commitment, producing methodological studies and practical guidance on integratingclimate considerations into monetary policy analysis and operations. This paper continues this effort by expanding currentNGFS work on how central banks can adapt their monetary policy operations to manage climate-related exposures andsupport an orderly economic transition to low-carbon economies. Past NGFS work has focused mainly on measures that impactcentral bank assets, such as practical adjustments to monetary operations across credit, collateral, and asset purchase policies.However, some of these asset-side adjustments may be limited by their cyclical nature; and their relevance and effectivenessdepend on structural factors such as a jurisdiction’s monetary policy framework. In some cases, and where mandates permit,greening monetary operations involving changes in central banks’ liabilities may therefore be worth investigating. Different central banks have different mandates relating to climate change. The aim of this work is to support central banks wheregreening liability-side policies is consistent with their mandate and operating framework. While this may not be appropriatefor all central banks, the role of the NGFS is to provide technical support to its members who are able, and wish to, incorporateclimate-related considerations into their monetary operations. In this regard, this paper builds on past recommendations to providea comprehensive framework for greening monetary operations. Considering climate-related factors for reserve requirementsand short-term debt issuance, central banks can complement current practices on the asset side of their balance sheets.While implementing these measures may present challenging trade-offs, particularly when compared to most asset-side tools,they may be worth considering for central banks that have a mandate to support government-led climate initiatives and whereliability-side monetary policy operations are significant. The far-reaching implications of climate change caninfluence the design and implementation of monetarypolicy and consequently the conduct of monetary policyoperations. Central banks can adjust their monetary policyoperations to strengthen their protection against climate-related financial risks from natural hazards and transitionpolicies, and subject to their mandates, also to supportgovernment-led climate change mitigation and adaptationstrategies. Previous NGFS work has so far mainly focused onmeasures that impact central bank assets, such as adjustingcollateral frameworks, tilting asset purchases towardsless carbon-intensive issuers, and implementing climate-linked credit operations. However, the effectiveness ofsome of these asset-side adjustments may be limited bytheir cyclical nature; and their relevance also depends onstructural factors such as a jurisdiction’s monetary policyframework. In light of that, this paper expands currentNGFS thinking by considering measures that focus on theliability side of central bank balance sheets. In addition,considering greater flexibility and/or longer planninghorizons for selective asset-side measures complements theexpanded scope of greening monetary policy op