Climate change is a fundamental challenge not only for our societies and economies worldwide but also for the central bank’s ability to ensure price and financial stability.

This research aims to examine three issues: Can climate change affect macroeconomic figures and create inflationary pressures due to fluctuations in the supply of agricultural products (physical risk) and through fiscal policies aimed at protecting the environment (transition risk)? In addition, should central banks consider climate issues when making decisions affecting the purchase of financial assets?