Reviews new ways central banks can address the risk climate change poses to financial stability. To avoid "green swan" risks, central banks should develop forward-looking scenario-based analysis to understand climate-related risk and coordinate with other major players to develop and integrate climate mitigation policies at the international level.

Bank for International Settlements (BIS) is an international financial institution owned by sixty-three central banks, which seeks to foster cooperation of central banks by conducting banking services and publishing research on monetary and financial stability.