On 30 January 2024, the European Central Bank (ECB) announced that it was expanding its work on climate change.

In its new climate and nature plan 2024 – 2025 the ECB reaffirms its commitment to addressing the climate crisis within its mandate. It will continue to carry out and expand its ongoing climate-related actions and will explore three focus areas with a view to initiating new activities. These focus areas are:

• The impact and risks of the transition to a green economy, especially the associated transition costs and investment needs.
• The increasing physical impact of climate change, and how measures to adapt to a hotter world affect the economy.
• The risks stemming from nature loss and degradation, how they interact with climate-related risks and how they could affect the ECB’s work through their impact on the economy and financial system.

An annex provides further information.