Current Scholarship
Central Banks, Green Finance, and the Climate Crisis

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Author: Thomas Ferguson

In this essay, Ferguson discusses the intersected issues of central banking, climate crisis and green finance in three stages. The first retraces how recognition of the problem of “stranded assets” – fossil fuel deposits that could never be fully exploited if global warming were to be contained – crystallized sentiment within finance and a cross-section of wealthy elites in favor of “green finance.” The next section considers the challenges posed by war and inflation in a multipolar world economy to this development. The concluding segment briefly examines some major implications of choices central banks and national states must make in the new situation.

Thomas Ferguson, Central Banks, Green Finance, and the Climate Crisis, June 29 2023,



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