Objective

This course is designed for central bank officials who focus on sustainability, climate and monetary policy. It follows the recommendation of the Network for Greening the Financial System’s (NGFS) "Sustainability Training Reference Guide" (STaR Guide) available via the Climate Training Alliance (CTA) Portal. The course requires intermediate knowledge, such as provided through the foundation course Understanding climate risk - an introduction, which took place in April. However, participation in that specific course is not a prerequisite; participants may have acquired their intermediate knowledge through other means. 

The STaR Guide provides a structure and recommendations to central banks and financial supervisors on how to systematically establish capacity on climate-related and environmental knowledge. Capacity building is a key enabler to accelerate the upskilling of the NGFS central banking and supervisory community and a priority for the NGFS chair, Bundesbank First Deputy Governor Sabine Mauderer. As emphasised by the NGFS (2021), a continuous upskilling of knowledge is necessary to account for an evolving understanding of climate‑related and environmental risks and to implement robust risk management practices. 

Contents

• Understanding the planetary problems - an introduction to climate change, climate and earth system science
• Bundesbank's sustainability journey
• Climate, Policy and the Macroeconomy
• Modelling climate risk: The Bundesbank's Environmental Multi-Sector DSGE Model EMuSe
• Greenness in the collateral framework
• Climate-related financial risks and the central bank balance sheet
• Greening In-house Credit Assessment Systems, example of Bundesbank’s ICAS
• Sustainable finance data hub

Target group

The expert panel is targeted at central bankers who are directly involved in monetary policy implementation, with many years of experience working in this field. Candidates should have extensive knowledge and a sound understanding of monetary policy implementation and operational frameworks and should be familiar with the debate on green finance and climate change as a source of risk. Participants will be expected to contribute actively to the panel by presenting the work/viewpoint of their central bank on this topic.

Please note:

A nomination is required in order to participate in our in-person courses.