Publication:
Just Transition: Issues for Central Banks and Financial Regulators

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dc.contributor.authorCalice, Pietro
dc.contributor.authorDemekas, Dimitri G.
dc.date.accessioned2024-01-31T18:11:37Z
dc.date.available2024-01-31T18:11:37Z
dc.date.issued2024-01-30
dc.description.abstractRecent calls on central banks and financial regulators to use the tools at their disposal to help mitigate the negative economic and social impacts of climate policies are based on several false analogies between the energy transition and the “just” energy transition. The same false analogies explain why voluntary efforts to incorporate just transition considerations into private financial decisions and products copying approaches from climate finance have so far failed to gain traction. None of the above invalidates the just transition as a political aspiration. However, only the government has the legitimacy and authority to identify the regions or sectors where the negative impacts of the energy transition are to be mitigated, determine the extent and instruments for this mitigation, and adjust them over time in line with shifting social preferences. This is an essentially political task that cannot be delegated to technocratic agencies. Nevertheless, within the parameters established by the government, central banks and financial regulators can play a supporting role by ensuring accurate data on the social impact of the energy transition, enforcing disclosure requirements, sensitizing financial firms to just transition–related risks, and raising awareness among financial firms. However, they must be cautious not to overstep their mandate, and remain mindful of the limitations of their toolkit and of the risks and potential unintended consequences of their actions.en
dc.identifierhttp://documents.worldbank.org/curated/en/099400201302418524/IDU1b60fc889152fd141721bc2a18de8e26e97cd
dc.identifier.doi10.1596/1813-9450-10685
dc.identifier.urihttps://openknowledge.worldbank.org/handle/10986/40983
dc.languageEnglish
dc.publisherWashington, DC: World Bank
dc.relation.ispartofseriesPolicy Research Working Paper; 10685
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by/3.0/igo/
dc.subjectENERGY TRANSITION
dc.subjectCLIMATE FINANCE
dc.subjectCLIMATE CHANGE
dc.subjectFINANCIAL REGULATORS
dc.subjectSOCIAL CHANGES
dc.titleJust Transitionen
dc.title.subtitleIssues for Central Banks and Financial Regulatorsen
dspace.entity.typePublication
okr.crossref.titleJust Transition: Issues for Central Banks and Financial Regulators
okr.date.disclosure2024-01-30
okr.date.lastmodified2024-01-30T00:00:00Zen
okr.doctypePolicy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/099400201302418524/IDU1b60fc889152fd141721bc2a18de8e26e97cd
okr.guid099400201302418524
okr.identifier.docmidIDU-b60fc889-52fd-4172-bc2a-8de8e26e97cd
okr.identifier.doi10.1596/1813-9450-10685
okr.identifier.doihttp://dx.doi.org/10.1596/1813-9450-10685
okr.identifier.externaldocumentum34248402
okr.identifier.internaldocumentum34248402
okr.identifier.reportWPS10685
okr.import.id3045
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099400201302418524/pdf/IDU1b60fc889152fd141721bc2a18de8e26e97cd.pdfen
okr.region.geographicalWorld
okr.topicEnergy
okr.topicEnvironment
okr.unitEFI-ECA-FCI-Finance-1 (EECF1)
okr.volume
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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