David Barmes
David is a Policy Fellow at the Grantham Research Institute, where he focuses on sustainable central banking, financial supervision, and macroeconomic coordination.
Background
David was previously Head of Research at Positive Money, where he led work on how monetary and prudential policy affects, and is affected by, climate change and environmental degradation. He developed and managed a green ranking of G20 central banks and financial supervisors, backed by 20+ organisations. He has also published work for UNEP-FI and Climate-KIC in collaboration with the Climate Safe Lending Network. His research and comments have featured in major media outlets in the UK and internationally, and he has contributed opinion pieces to various platforms, such as Bloomberg, Business Green, and Open Democracy. He holds a BA in Economics and Psychology from McGill University and an MSc in Socio-Ecological Economics and Policy from the Vienna University of Economics and Business.
Research interests
- Sustainable monetary and prudential policy
- Climate and environment-related drivers of inflation
- Macroeconomic coordination for a sustainable economy
- International monetary and financial architecture
- Central bank crisis response measures
Policy
Policy - 2024
This report from CETEx (the Centre for Economic Transition Expertise) reviews existing literature on climate change and price stability, considers the risk posed by more persistent climate-related inflationary pressure and explores the trade-offs, challenges and implications for monetary policy. Read more
This CETEx policy brief examines the policy options available to minimise the fiscal burden of the Bank of England’s Asset Purchase Facility and create savings that could be directed elsewhere – including towards facilitating the UK’s net zero transition. Read more
This essay reflects on the limitations of the exclusive focus on the climate-related financial risk (CRFR) approach in shaping central banks’ engagement with climate change and a green transition. Read more
This report considers the role played by climate change, environmental degradation, and global energy markets in driving price instability and the implications of this for inflation forecasting and macroeconomic policy. Read more
News
News - 2025
The United States Fed's retreat from the Network for Greening the Financial System signals a worrying neglect of the very real risks that climate change and environmental degradation present for macroeconomic and financial stability, says this CETEx commentary. Read more
News - 2024
Supply shocks induced by climate change could pose major challenges for inflation-targeting central banks. David Barmes and Luiz Awazu Pereira da Silva make the case for adaptive inflation targeting for a hotter, more volatile world. Read more
This commentary proposes that The Bank of England and the Government work together to help create a robust climate risk framework that supports financial risk management, while driving an equitable green transition. Read more
The remit letters to be sent by the Chancellor on 14 November to the Bank of England and Financial Conduct Authority are a critical opportunity to re-establish that these bodies should have regard to the Government’s climate and environmental ambition. Read more
This article discusses the reluctance of the US Federal Reserve to take seriously the issue of climate risk. The article... Read more
This article considers the impact of shifting weather patterns, due to climate change, on food prices. The article includes quotes... Read more
In this Net Zero Investor podcast David Barmes discusses whether climate change and the energy transition could drive long-term inflation. Read more
Green Central Banking, 3 April 2024 Read more
David Barmes and Simon Dikau explain why intensifying environmental shocks and geopolitical tensions could drive a rethink of inflation forecasting and economic policymaking. Read more
