At the very moment when the whole financial sector is close to completing a fundamental overhaul of the risk-based banking regulation triggered by the 2008 financial crisis, new types of risk are emerging. Climate-related risk is one these unexpected sources of risk.
Numerous initiatives are now under way both in the private and public sector, to assess and mitigate it. They involve many novel tools since the specificity of this new risk, in addition to be a long-term one, is that assessing and mitigating it cannot just be derived from past observation and practices.
In this context, the session is dedicated to take stock on the current multiple initiatives notably of the public sector and share the lessons already learned in the different financial areas (insurance, banking, …). This should enable the panel to find out some adequate policy priorities in the field of climate related risk assessment and mitigation approaches both at national, EU and Global levels.
Points of discussion
- What are the specificities of climate related risks?
- What are the lessons learned on the most recent climate-related risk assessment initiatives in the EU?
- What are the necessary EU policy priorities in the global context?