As with the global financial crisis, there are once again demands on central banks and financial regulators to take on new responsibilities, this time for supporting the transition to a low-carbon economy. Regulators can indeed facilitate the reorientation of financial flows necessary for the transition. But they may find themselves walking a tightrope, having to balance exaggerated expectations against limited capabilities and political economy constraints. Their diagnostic and policy toolkits are still in their infancy. Expanding their legal mandates to take on these new, essentially political, responsibilities should be done through the political process and be accompanied by strengthened governance and accountability arrangements. Taking on these new responsibilities can also have potential pitfalls and unintended consequences on financial markets. Ultimately, central banks and financial regulators cannot deliver a low-carbon economy by themselves and should not risk being caught again in the role of ‘the only game in town’.

中文翻译：

---

走钢丝：金融监管、气候变化和向低碳经济转型

与全球金融危机一样，央行和金融监管机构再次要求承担新的责任，这一次是支持向低碳经济转型。监管机构确实可以促进转型所需资金流的重新定向。但他们可能会发现自己走钢丝，不得不在夸大的期望与有限的能力和政治经济限制之间取得平衡。他们的诊断和政策工具包仍处于起步阶段。应通过政治进程扩大其法律授权以承担这些新的、本质上是政治性的责任，并辅之以加强治理和问责安排。承担这些新责任也可能对金融市场产生潜在的陷阱和意想不到的后果。最终，中央银行和金融监管机构无法靠自己实现低碳经济，也不应冒再次陷入“镇上唯一的游戏”角色的风险。