Climate change and the economy
Increasing our understanding of the impact of climate change and energy transition will better enable us to achieve our objectives of price stability, high and stable employment and financial stability. Our work on climate-related issues is important for the fulfilment of our mission.
News and events
How climate change impacts Norges Bank's work
Monetary policy and climate change
Climate change and the transition to a low-carbon economy affect the Norwegian and global economy and thereby also monetary policy.
Climate risk and financial stability
Climate risks can impact banks' risk of losses and financial prices.
Responsible investment
The Executive Board’s decisions on principles for responsible investment and Norges Bank’s sustainability strategy form part of the framework for the management of the foreign exchange reserves, including the management of climate-related issues and climate risk.
Selected content
Climate change and monetary policy
LectureGovernor Ida Wolden Bache gave a lecture at NHH – Norwegian School of Economics on 7 October 2025. The topic was how climate change and energy transition can affect the economy and the policy rate.
Rewiring Supply Chains Through Uncoordinated Climate Policy
Bankplassen blogThis blog post summarizes the key findings of the study, highlighting how uncoordinated climate policy in one region can disrupt supply chains, affect firms’ finances, and even lead to unintended environmental consequences
Publications
Bankplassen blog
Overview of all climate-related blog posts
More on climate-related issues
The Network of Central Banks and Supervisors for Greening the Financial System