Piero Cipollone: The role of central banks for green finance

Speech by Mr Piero Cipollone, Deputy Governor of the Bank of Italy, at the conference "Second Digital Day. At the roots of sustainability. Die jurnada globalny de les liberties tecnologiche para a digital humanismus", organized by the University of Florence, Florence, 11 March 2022.

The views expressed in this speech are those of the speaker and not the view of the BIS.

geopolitical events have caused heavy losses in terms of human lives and have shown our vulnerability as countries, societies and individuals. We never would have imagined reliving such terrible days in the heart of Europe. Our first thoughts are for all those who are suffering because of the war. There are many reasons for concern. This terrible war will leave many wounds for many years to come. Let's hope that we will at least be able to maintain the progress achieved so far towards a new model of sustainable economic development, which is more inclusive and more responsible for the environment and future generations. This ambition is closely connected to the way we produce energy, following a path that increasingly depends less on fossil fuels and is more reliant on green sources. However, the sustainability of energy systems calls for careful planning that is difficult to reconcile with the urgency we are facing in these days.

Climate change has become a leading issue in public debate and in the policy agenda. The consequences of global warming are affecting several areas of the planet in a broad and uneven way, with greater effects on some regions and on the most vulnerable people, both in the advanced and the developing countries.