We at the ECB conducted our first economy-wide climate stress test this year. What are the results? And what do they mean for people, companies, and banks? In this episode of The ECB Podcast, our host Katie Ranger discusses these questions with Vice-President Luis de Guindos and Irene Heemskerk, the head of our climate change centre. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 22 September 2021 and recorded on 9 September and 15 September 2021. In this episode: 01:11 – Our first economy-wide climate stress test How climate risks affect people, companies and banks in the euro area, how our climate stress test was carried out, and its main results. 11:24 – Our role as a central bank against climate change How climate change affects both financial and price stability, and the actions foreseen in the climate action plan we revealed in July 2021, following our strategy review. 13: 25 – Our first guest’s “hot tip” for our listeners Our guest Luis de Guindos shares what motivates him to work in the fight against climate change: solidarity with future generations. 15:10 – The work of the climate change centre The purpose of our climate change centre, how things are going so far and what kind of people work there. 19:31 – The next steps of our climate action plan How the economy-wide climate stress test will feed into the two other stress tests that we will conduct in 2022, on banks and on our own balance sheet. 26:14 – Our second guest’s “hot tip” for our listeners Our guest Irene Heemskerk shares the story behind a picture in her home office that clearly shows how disastrous the consequences of climate change can be. Further reading: Firms, banks benefit from early adoption of green policies, ECB’s economy-wide climate stress test shows https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210922~59ade4710b.en.html ECB economy-wide climate stress test https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op281~05a7735b1c.en.pdf ECB Blog post by Luis de Guindos: Shining a light on climate risks - the ECB’s economy-wide climate stress test https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210318~3bbc68ffc5.en.html The ECB climate change action plan https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210708_1~f104919225.en.html The ECB climate change roadmap https://www.ecb.europa.eu/ecb/climate/roadmap/html/index.en.html European Central Bank https://www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast