Your browser does not support JavaScript!

Key policies for addressing climate change risks for financial stability

Day 1 Afternoon

Wednesday 11 September

Room :

Fennia II - Roundtable

Speakers

Chair
Denis Beau - First Deputy Governor, Banque de France
Public Authorities
Mario Nava - Director, Horizontal Policies, DG FISMA, European Commission
Philip Owen - Head of Unit, DG Climate Action, European Commission
Sam Woods - Deputy Governor, Bank of England
Dimitris Zafeiris - Head of Risk and Financial Stability Department, EIOPA
Industry Representatives
Daniel Hanna - Global Head, Sustainable Finance, Standard Chartered Bank
Stephanie Maier - Director, Responsible Investment, HSBC Global Asset Management
Eugenie Molyneux - Chief Risk Officer of Commercial Insurance, Zurich Insurance Group
Other stakeholder & expert
Benoit Lallemand - Secretary General, Finance Watch

Objectives of the session

The session is dedicated to outline the respective contribution of energy policies, financial regulation… to achieve an optimal transition toward a low carbon economy.

The session should also contribute to identify the main (prudential) regulatory tools required to appropriately accompany the decarbonisation of the economy and contribute to the mitigation of emerging climate related risks in the financial sector at a reasonable regulatory cost.

Time constraints and related urgencies regarding climate related risks will notably be discussed in order to sort out the possible policy priorities.

Points of discussion

What are the main features of an optimal transition scenario? What is the respective contribution of energy policies, financial players, financial regulation… to achieve it?

What are the possible triggers of transition or liability risks (disruptive carbon taxation, investors/markets triggering a sudden fall of the price of carbon-intensive assets,…)?

What are the main regulatory tools required to appropriately accompany the decarbonisation of the economy and contribute to the mitigation of emerging climate related risks in the financial sector? What are their respective contributions?

What are the challenges faced to build of dedicated prudential tools? What are the possible drawbacks to be avoided? What are the actual time constraints and related urgencies, faced by the emerging regulatory and supervisory approaches regarding climate related risks and their possible leeway?