The Reserve Bank has warned about the broad impact that 'green swan' events and climate change in general can have, including on inflation.
, and provided a rare glimpse of how it thought politics could play out in its realm.
One of its priorities was to"avoid bad solutions that might be imposed on the Reserve Bank due to lack of appropriate analytical work" around climate change, it said. "The breadth of policy risk faced by central banks in dealing with climate change and its consequences is becoming increasingly apparent."
It warned of the disruptive nature of"green swan events","including and perhaps primarily through financial systems, and as stress impacts on firm and household balance sheets and risk profiles, with implications for financial stability"., which used it in January 2020 to describe the climate-change equivalent of black swans, which are by definition unpredictable.
South Africa's draft approach to such changes includes highlighting the opportunities that will come with climate adaption.For SA, climate change"will impact different regions very differently", the Reserve Bank says, while structural economic changes will be driven in part by policy decisions made in other countries."Adaptation and mitigation measures need to be economically and financially manageable in the sense of minimising damage and maximising opportunity.
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