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Emanuele Campiglio

@emacampiglio.bsky.social

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Emanuele Campiglio@emacampiglio.bsky.social · 12mo ago

VoxEU column on our recent paper on climate-related central bank communication: cepr.org/voxeu/column... @granthamlse.bsky.social @rff.org

How central bankers speak about climate and what this means for financial markets

Central banks have increasingly engaged with climate-related topics in their public communication, but little is known about the drivers and effects of this shift. This column presents a comprehensive analysis of climate-related central bank communication using a novel dataset of over 35,000 speeches from 131 central banks spanning 1986-2023. The authors find that climate communication (1) follows two distinct narratives ('green finance' verus 'climate-related risks'); (2) is driven more by institutional factors than climate exposure; and (3) significantly affects stock market returns, with greener firms outperforming when central banks focus more on climate issues.

cepr.org

VoxEU @ CEPR@voxeu.org · 12mo ago

35,000 speeches from 131 central banks show that #climate communication follows two distinct narratives and significantly affects stock market returns of greener firms. @emacampiglio.bsky.social, @jdeyris.bsky.social, @davideromelli.bsky.social, Ginevra Scalisi cepr.org/voxeu/column... #EconSky

Graphs of climate speeches by central banks per year and region and climate-related keywords per speech. Central banks have increasingly engaged with climate-related topics in their public communication, but little is known about the drivers and effects of this shift. This column presents a comprehensive analysis of climate-related central bank communication using a novel dataset of over 35,000 speeches from 131 central banks spanning 1986-2023. The authors find that climate communication (1) follows two distinct narratives ('green finance' verus 'climate-related risks'); (2) is driven more by institutional factors than climate exposure; and (3) significantly affects stock market returns, with greener firms outperforming when central banks focus more on climate issues.