A senior central banker has defended supervisors’ work on climate change after attacks from the US, and warned officials had previously “completely underestimated” the risks rising temperatures pose to the financial system.
Central bankers are “non-political animals” and “pure technocrats” who simply follow their “job description” when they work on climate change, said Sabine Mauderer, deputy governor of the Bundesbank and head of the Network for Greening the Financial System (NGFS), a global policy forum.
“In this regard it is natural that if you see a growing risk, a growing financial risk, that the interest of the central bankers is increasing,” she said in an interview with the Financial Times.
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