Central banks and regulators should be on the frontline of fighting the carbon emissions driving climate change, and a more proactive approach can address the visible side effects in Asia, such as the annual choking smoke haze that envelops parts of the region.

Authorities should take account of climate risks as part of their duties of oversight, and “green finance” should play a major role in ensuring the investments needed to promote development are conducted in a sustainable fashion, says Ulrich Volz of the SOAS University of London.

Green finance is defined as all forms of investment or lending that consider environmental factors.

This is particularly important in Asian economies, including the Peoples’ Republic of China, where pollution and carbon emissions have been a significant brake on growth due to issues ranging from water and air pollution to higher healthcare costs.

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About the author

Ulrich Volz is head of the Department of Economics, SOAS University of London.

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