The proposed analysis investigates whether the type of central banks’ monetary policy mandates and their financial stability governance arrangements influence the adoption of climate-related financial policies. The empirical findings confirm a statistically significant relationship between a broader monetary policy mandate and the adoption of climate-related financial policies. However, the hypothesis – informed by existing literature – that a more integrated financial stability governance model would imply a higher adoption of climate-related financial policies is not confirmed. Focusing on G20 countries in 2000–2018, the study reveals that a more complex financial stability governance based on less integrated arrangements is more successful for climate-related financial policy adoption. Other factors, such as the presence of a democratic regime, the independence of the central bank, and being a member of the Sustainable Banking Network, have a positive and (statistically) significant effect across all specifications. Moreover, the materialization of climate-related physical risks such as, e.g., floods, heatwaves, droughts, and storms, and transition risks proxied by – among others – CO2 emissions per capita, climate mitigation policies, and financial readiness to implement climate adaptation plans are also essential. The results are robust after considering a different dependent variable and several alternative model specifications.

拟议的分析调查中央银行货币政策授权的类型及其金融稳定治理安排是否影响气候相关金融政策的采用。实证结果证实了更广泛的货币政策授权与采用气候相关金融政策之间的统计显着关系。然而，根据现有文献得出的假设，即更加综合的金融稳定治理模型将意味着更多地采用与气候相关的金融政策，这一假设尚未得到证实。该研究以 2000 年至 2018 年的 G20 国家为重点，表明基于一体化程度较低的安排的更复杂的金融稳定治理对于气候相关金融政策的采用更为成功。其他因素，例如民主制度的存在，中央银行的独立性以及作为可持续银行网络的成员，对所有规格都有积极且（统计上）显着的影响。此外，与气候相关的物理风险（例如洪水、热浪、干旱和风暴）的具体化，以及由人均二氧化碳排放量、气候减缓政策和实施气候适应计划的财务准备等所代表的转型风险也是必不可少的。在考虑不同的因变量和几个替代模型规范后，结果是稳健的。热浪、干旱和风暴，以及由人均二氧化碳排放量、气候减缓政策和实施气候适应计划的财政准备等所代表的过渡风险也很重要。在考虑不同的因变量和几个替代模型规范后，结果是稳健的。热浪、干旱和风暴，以及由人均二氧化碳排放量、气候减缓政策和实施气候适应计划的财政准备等所代表的过渡风险也很重要。在考虑不同的因变量和几个替代模型规范后，结果是稳健的。