Vasileios Madouros: The macrofinancial effects of climate change in Ireland - what have we learned?
Speech by Mr Vasileios Madouros, Deputy Governor of the Central Bank of Ireland, at the Climate Finance week, Dublin, 25 November 2025.
The views expressed in this speech are those of the speaker and not the view of the BIS.
Good morning everyone.
I am delighted to join you here today for this year's Climate Finance week.
"The scientific evidence that climate change is a serious and urgent issue is [-] compelling."
"The benefits of strong, early action on climate change outweigh the costs."
And "the choices made in the next 10-20 years [-] will affect greenhouse gas emissions for the next half-century."
These are not my words. And they are not recent words.
They are key conclusions from the Stern Review on the "Economics of Climate Change".
That was published almost two decades ago now.
Fast-forward to today, and we know that greenhouse gas emissions globally have not followed the path advocated for at the time.
As a result, the planetary, societal and macrofinancial risks from climate change have intensified over the past two decades.