(Bloomberg) -- Central banks lack the tools to fight climate change and should stick to their core tasks, Swiss National Bank President Thomas Jordan said.

“I am convinced that it’s very important to maintain a very narrow mandate — we can only justify central bank independence by having a narrow mandate of price stability, supporting the economy,” he told a panel in Davos on on Thursday. “We do not really have effective and efficient instruments to tackle climate change.”

Central banks around the world are considering ways to help save the planet without being dragged into political battles that could undermine their independence. 

Some have ensured asset purchases and holdings are less exposed to industries with high greenhouse-gas emissions, though explicit mandates do limit options for policymakers. 

Jordan — who has previously highlighted the importance for the SNB of sticking to a narrow mandate — isn’t alone in drawing a line around what central banks can do. US Federal Reserve Chair Jerome Powell has also vowed to limit his institution’s climate role, to protect its independence. The SNB chief agrees.

“Central bank independence is really a key success factor for monetary policy,” Jordan said.

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