“Mission creep” — the gradual or incremental broadening of an organisation’s objectives beyond its original scope or focus — is typically regarded as undesirable. According to the conventional wisdom, an organisation whose mission creeps is straying from its core purpose, becoming distracted, stretching itself too thin. But what if the new objectives are essential to society’s welfare? For central banks, the answer should be obvious.

Over the last few decades, central banks’ core purpose was to ensure stable prices and financial stability. But, as the existential threat of climate change has become increasingly apparent, their attention has gradually broadened to include climate-related financial risks. And yet this much-needed mission creep has not been adequately translated into action on the ground.