Research: Central bank carbon footprint survey findings

26th January 2022

In June 2021, three independent researchers launched their own central bank carbon footprint survey to assess central banks’ three-year carbon emission evolution and efficiency of their strategies to lower their carbon footprint sustainably; and to capture any changes in fintech and suptech used in central bank operations aiming to lower the central bank carbon footprint.

It seems there is a global tendency of central banks’ reluctance to innovate in their own backyard

The survey has two parts. Part one is dedicated to statistical data that reflects the impact of measures already taken by central banks to lower carbon emissions generated by seven of their main activities: currency operations, monetary policy, financial stability, supervision and licensing, payments, reserve management, and statistics (Annex).

Part two of the survey consists of 17 alternative questions and explanations on central banks’ carbon footprint strategy and measures, including climate organisational structure or team.

17 central banks were included in the survey, but only two central banks replied to it.

One central bank sent few comments related to the report findings, without expressing the will to publish the comments in the report findings and survey.

Despite the Bank for International Settlements (BIS) efforts to push central banks to be innovators and/or use/incorporate more technology and innovation in their operations, it seems there is a global tendency of central banks’ reluctance to innovate in their own backyard, at least in early stages.

It appears that central banks are still well behind the curve in assessing their carbon footprint generated by their main operations and in lowering their impact on the environment, despite higher transparency and lead-by-example expectations.