Federal Reserve Chair Jerome Powell said the U.S. central bank has been cooperating with its counterparts around the world to address risks presented by climate change.

“What we’re really working on is: how do we incorporate climate change risk into all that we do,” Powell said during an online panel Thursday hosted by the European Central Bank. “It has potential implications for monetary policy, for bank regulation, for financial stability, and I would say we’re in the very early stages of trying to work through what that means for our goals.”

Powell said the Fed is in the process of applying for membership in the Network for Central Banks and Supervisors for Greening the Financial System, an international group formed in 2017.

He repeated past remarks that he believes climate change requires action from across government agencies and from the private sector, but acknowledged that central banks have an important contribution to make.

“We think the public will expect, and has a right to expect, that we will make sure that the financial system is resilient against all sorts of financial risks, including financial change,” he