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Time to act now: results of the economy-wide climate stress test

We at the ECB conducted our first economy-wide climate stress test this year. What are the results? And what do they mean for people, companies, and banks?

In this episode of The ECB Podcast, our host Katie Ranger discusses these questions with Vice-President Luis de Guindos and Irene Heemskerk, the head of our climate change centre.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Published on 22 September 2021 and recorded on 9 September and 15 September 2021.

In this episode
Our first economy-wide climate stress test

How climate risks affect people, companies and banks in the euro area, how our climate stress test was carried out, and its main results.

Our role as a central bank against climate change

How climate change affects both financial and price stability, and the actions foreseen in the climate action plan we revealed in July 2021, following our strategy review.

Our first guest’s “hot tip” for our listeners

Our guest Luis de Guindos shares what motivates him to work in the fight against climate change: solidarity with future generations.

The work of the climate change centre

The purpose of our climate change centre, how things are going so far and what kind of people work there.

The next steps of our climate action plan

How the economy-wide climate stress test will feed into the two other stress tests that we will conduct in 2022, on banks and on our own balance sheet.

Our second guest’s “hot tip” for our listeners

Our guest Irene Heemskerk shares the story behind a picture in her home office that clearly shows how disastrous the consequences of climate change can be.