Sabine Mauderer: The economic power of sustainability and energy transition

Speech by Dr Sabine Mauderer, Member of the Executive Board of the Deutsche Bundesbank, at the Lufthansa Cargo Sustainability Conference 2022, Frankfurt am Main, 14 July 2022.

The views expressed in this speech are those of the speaker and not the view of the BIS.

1 Introduction

Ladies and gentlemen,

You might be wondering why a central banker is talking to you at a conference about sustainable aviation. After all, our main task is to keep prices stable and to ensure financial stability. With inflation standing at 7.6% in Germany and at 8.6% in the euro area we have our work cut out for us. Our priorities are clear: We will make sure that inflation returns to our 2% target over the medium term.

At the same time, we must not lose sight of climate change. Climate change will have an impact on prices and on financial stability. That's why central banks have to deal with it, too. Frankly we're all in the same boat.

Climate change affects us all – both as individuals and in our professional capacities. Let me shine a light on why all industries need to care about global warming and who can do what to tackle climate change.