Ignoring climate risks will complicate macroeconomic management: "Central bank regulations have been incorporating, within the transaction-based frameworks, granulated climate-related risks from the standpoint of financial intermediation and financial stability. At the most basic level these regulations make intermediaries recognise the possibility of climate risk factors that reduce borrowers’ ability to repay and service debt."

"Economic activity, of practically any and every kind, is strongly integrated with emissions that contribute to climate change, hence the sizeable drop in carbon emissions last year and strong snapbacks thereafter as output recovers to baseline. Output and GHGs go hand in hand, and will continue to do so."