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Recent Climate-Related Developments in Asia
January 6, 2023Taiwan’s central bank announced it will begin incorporating climate change related risks into its forecasts and modelling for inflation and economic growth. The central bank will also amend its monetary policy to better promote sustainable development. The bank said it would “incorporate weather factors into forecast models and analyze their impact on forecasts such as prices and GDP growth” and “establish an overall model related to climate change at the industry level.” President of the central bank, Yang Chin-long, first announced the changes at a press conference on December 15: “If a company does not pay attention to ESG, for example, if it produces serious air pollution and does not meet the standards, then the (commercial) bank may not lend you money.”
