Coauteurs : Emanuele Campiglio (Universita di Bologna) et Davide Romelli (Trinity College Dublin)

Résumé : This paper studies the evolution and drivers of central bank communication on climate-related matters. We build a novel dataset containing 31,249 speeches from 131 central banks, over the 1986-2021 period. Using natural language processing techniques, we identify climate-related discourses and analyse their thematic content. We show how the rapid, but differentiated increase in climate-related communication can be linked to the rise of two distinct narratives, one centred around `green finance’ as an opportunity, and the other around the threat represented by `climate-related risks’. We then study the drivers of those strands of climate communication and find that institutional dimensions – most prominently, the degree of involvement of central banks in financial supervision – are more significant in explaining climate-related communication than domestic exposure to physical and transition risks.