Climate change, and our response to it, will have a significant impact on economic and financial systems. The impacts will be far-reaching in breadth and in magnitude; subject to tipping points and irreversible changes; and are uncertain yet at the same time totally foreseeable. In particular, while we do not know now exactly what physical and transition risks will materialise, we do know for sure that we will face some combination of those risks. And, crucially, we also know that the size and balance of these future financial risks and economic costs will depend on the actions we take today. 

The June 2020 edition of the Bundesbank’s Monthly Report outlines Germany’s economic outlook for 2020 to 2022 and features an article on the topic of cash withdrawals and payments in urban and rural areas.