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Sustainability, energy finance and the role of central banks: A review of current insights and future research directions

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  • Marcinkowska, Monika
  • Brzeszczyński, Janusz
  • Charteris, Ailie
  • Gajdka, Jerzy
  • Obojska, Lidia
  • Szczygielski, Jan Jakub

Abstract

The importance of energy finance in sustainable development and particularly within the sustainable finance strand has visibly increased in recent years. In this review article, we focus on the role of central banks in this area. We draw on official documents from regulatory and supervisory institutions, central banks, think tanks, non-governmental organisations and academic publications. First, we discuss the definitions of energy finance, Environmental, Social and Governance (ESG) risks and their transmission channels. Then we describe the mandates of central banks to act in this field. Finally, we discuss key aspects of ESG monetary and macroprudential policies as and central bank communications in this regard. We conclude by proposing topics for further research in this area.

Suggested Citation

  • Marcinkowska, Monika & Brzeszczyński, Janusz & Charteris, Ailie & Gajdka, Jerzy & Obojska, Lidia & Szczygielski, Jan Jakub, 2025. "Sustainability, energy finance and the role of central banks: A review of current insights and future research directions," Energy Economics, Elsevier, vol. 144(C).
    • Handle: RePEc:eee:eneeco:v:144:y:2025:i:c:s014098832400793x
    DOI: 10.1016/j.eneco.2024.108084
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