Verdir la politique monétaire

Central banks have recently become aware of the economic and financial risks associated with uncontrolled global warming and have begun to mobilize. But until now, monetary policy, which is at the heart of their missions, has not been integrated into the fight against global warming. The purpose of this article is to show that it is possible to green monetary policy without jeopardizing a central bank?s primary mission, macroeconomic stabilization and inflation control. The operational framework within which monetary policy is conducted can be modified to encourage commercial banks to adjust their crediting policies according to the associated CO 2 emissions. Two options are presented. One involves adding a climate premium to the bank?s specific key interest rate and climate rating for its credits, the other involves differentiating the treatment of counterparties to the liquidity offered by the central bank according to the associated CO 2 emissions. The implementation of these measures is discussed, in particular their compatibility with the macroeconomic stabilisation objectives of monetary policy.