The European Central Bank (ECB) is to launch a climate change centre early this year.

The centre will help bring together work on climate issues in different parts of the bank.

The ECB said that the move reflects the growing importance of climate change for the economy and the bank’s policy.

The new unit, which will consist of about ten staff working with existing teams across the bank, will report to the ECB’s president, Christine Lagarde, who oversees the ECB’s work on climate change and sustainable finance.

“Climate change affects all of our policy areas,” said ECB president Christine Lagarde. “The climate change centre provides the structure we need to tackle the issue with the urgency and determination that it deserves.”

The new centre is expected to steer the ECB’s climate agenda both internally and externally, building on the expertise of all teams already working on climate-related topics.

Activities at the centre will be organised in workstreams, ranging from monetary policy to prudential functions, and supported by staff that have data and climate change expertise.

The organisation said that this new structure will be reviewed in three years.

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