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Recently, an unexpected public actor has joined climate activists’ forces: central banks increasingly care about and act on climate change. Their (potential) contribution to the climate-neutral economy is immense, as they possess vast institutional resources to influence investment in the economy. Central banks’ advocacy is puzzling, as they put their legitimacy at risk by stepping outside their mandates and area of expertise. To explore this puzzle, I study why and how climate change came on the agenda of the Dutch central bank, one of the first movers among central banks. By opening the black box of organizational politics within central banks and building on unique interview data, I show how the policy shift of the Dutch central bank can be traced back to a small group of policy-seeking staff. This process-tracing case study contributes to our understanding of transformative change in climate policy in particular and public policy more generally.

An unexpected climate activist: central banks and the politics of the climate-neutral economy