ECB policymaker warns 1.5°C carbon budget is nearly spent

What he said and where he said it

Speaking in Manila on Monday, Olaf Sleijpen put the 1.5°C target in blunt terms. "Scientific evidence shows that the remaining carbon budget consistent with limiting global warming to 1.5°C is now almost exhausted," he said, pointing to a fast-shrinking margin for the Paris Agreement goal. At the event, he represented the Network for Greening the Financial System in his role as its chair.

His roles and why they matter

Sleijpen addressed the topic while serving as head of the Network for Greening the Financial System, a global coalition of monetary authorities. In addition, he leads the Dutch central bank and sits on the European Central Bank's Governing Council, which amplifies the influence of his comments within central-banking circles.

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The choice he outlined

"We are no longer choosing between success and failure, but between an outcome that is bad but still manageable, and an outcome that we can no longer manage," Sleijpen said. Coming from a senior central banker, the framing underscores how climate constraints are being discussed at the highest monetary forums.

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