Abstract

This chapter argues that central banks find themselves between a rock and a hard place when it comes to green central banking. Either they endorse the project, exposing them to the charge that they lack the input legitimacy to do so, or they eschew taking into account climate concerns, thus undermining their output legitimacy. Our discourse analysis of central bankers’ speeches shows that disagreements among officials from the same institution regarding green central banking are grounded on issues outside their core expertise. Furthermore, neither the conservative nor the progressive central bankers defend positions that have the potential to overcome the legitimacy dilemma we formulate.