Background and objectives of the session
6 years after the Paris Treaty, national programmes to fight against climate change have been designed, including the Green Deal for the European Union.
As for the financial sector, a new regulatory and supervisory framework has been developed first to ensure transparency (through the recommendations of the Taskforce on Climate Finance Disclosure at a global level and through specific EU regulation including climate-related taxonomy) and secondly to take into account climate-related risks.
Financing needs are huge : for the European Union, the estimated gap is 350 € billion per year until 2030.
Most of the financial actors are committed to increase the volume of funds directed to the transition to a non-carbon economy and many are creating alliances to team up on difficult issues like data, transition scenarios etc.
In this background, the session will be dedicated to assess the situation of the financial sector vis-à-vis climate change and the regulatory and self-regulatory framework at the global and EU levels, so as to identify remaining challenges and possible clarification needed.
Questions to be addressed during the session
- What are the specific roles the financial sector is expected to play in the implementation of the Paris Treaty ? How has the financial sector delivered in these different areas?
- What are the main characteristic of the financial regulations available and their contributions in this context ? What is the actual contribution of self-regulation initiatives ? What should be improved ?