So how does climate change fit into the work of the Federal Reserve? To support a strong economy and a stable financial system, the Federal Reserve needs to analyze and adapt to important changes to the economy and financial system. This is no less true for climate change than it was for globalization or the information technology revolution.
To fulfill our core responsibilities, it will be important for the Federal Reserve to study the implications of climate change for the economy and the financial system and to adapt our work accordingly.
The challenges posed by a string of recent natural disasters and the potential hit to the economy from slowing overseas growth "should be better addressed by government with fiscal policy and structural policies," Kuroda said at a seminar.
As Japan is prone to big typhoons and earthquakes, Kuroda highlighted the risks related to climate change as an example of new issues central banks must deal with in maintaining financial stability.
"Climate-related risk differs from other risks in that its relatively long-term impact means the effects will last longer than other financial risks, and the impact is far less predictable," he said. "It is therefore necessary to thoroughly investigate and analyze the impact of climate-related risk."
The world will face irreversible heating unless firms shift their priorities soon, the outgoing head of the Bank of England has told the BBC.
He said leading pension fund analysis "is that if you add up the policies of all of companies out there, they are consistent with warming of 3.7-3.8C".
Scientists say the risks associated with an increase of 4C include a nine metre rise in sea levels - affecting up to 760 million people - searing heatwaves and droughts, and serious food supply problems.
"Now $120tn worth of balance sheets of banks and asset managers are wanting this disclosure [of investments in fossil fuels]. But it's not moving fast enough."
During your hearing at the European Parliament, you rightly pledged to make sure the ECB puts the "protection of the environment at the core of the understanding of its mission." As academics, civil society and trade union leaders, entrepreneurs and citizens deeply concerned by climate change, we believe that the most powerful financial institution in Europe cannot just sit passively as we witness a growing environmental crisis.
Climate change not only imperils life-sustaining processes, it also threatens the financial stability, real economy and jobs. It has been estimated that without mitigation efforts, physical risks related to climate change could result in losses of up to $24 trillion of the value of global financial assets.
Wow. $24 Trillion at risk.
Nonetheless, Germany's Bundesbank president Jens Weidmann, who also sits on the on the ECB's governing council, understands the silliness of the move.
Weidmann says that he would view "very critically" any attempt to redirect a central bank's actions towards climate change, such as favouring the purchase of green bonds as part of a quantitative easing programme.