One of the key challenges of modern times is climate change, which is occurring at an unprecedented pace. This phenomenon also affects the financial system through increased risks. In response to rising financial risks, central banks around the world are becoming more involved in climate policy.

Within the framework of this article an analysis based on modern scientific literature is made to evaluate the participation of central banks in preventing climate change and stabilizing the financial system, as well as to assess the effectiveness of their policies. The article identifies potential connections between global warming on the financial system and evaluates this relationship based on the analysis of empirical evidence and mathematical models. In addition, the role of central banks in attracting green investments is estimated. The reaction of central banks to climate change and the destabilization of the financial system in developed and developing countries is considered within the article; in particular, the difference between the instruments used is analyzed. It is concluded that, currently, a more active climate policy is being pursued by the central banks of the developing countries.