Scaling up Green Finance: The Role of Central Banks
8 – 9 November, 2018. Co-organized with the Central Banks and Supervisors Network for Greening the Financial System
Monetary, Workshops | Tags: Central Banks, Climate Change, Green Finance
Co-organized with the Central Banks and Supervisors Network for Greening the Financial System
Venue: Deutsche Bundesbank, Berlin, Germany
Call for Papers (PDF)
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The transition to a low-carbon economy requires shifting trillions from brown to green activities. Several reports estimate that more than USD 90 trillion will be needed to adapt our infrastructure in a way that is consistent with the 2°C scenario. Given that the horizon of materialisation of climate risk is narrowing, the need to change scale is becoming more pressing for all actors. Also, central banks are playing an increasingly important role in efforts to mainstream green finance. The newly founded Network for Greening the Financial System (NGFS) is therefore bringing together central banks and supervisors that are willing to contribute to the scaling-up of green finance.
To accelerate the mainstreaming of green finance and provide room for discussion, the NGFS and the Council on Economic Policies are jointly organising a conference on “Scaling up Green Finance: The Role of Central Banks”. Researchers from academia, central banks, and other institutions are welcome to contribute to the discussion on
8 – 9 November, 2018 in Berlin, hosted by the Deutsche Bundesbank.Topics of interest
Papers on the following topics will be greatly appreciated, but papers on related issues will also be considered:
– Greening the activities of central banks: Should central banks incorporate environmental, social and governance (ESG) criteria into their core activities? If so, what are possible approaches for integrating ESG criteria, notably climate risk aspects, into their monetary policy operations, e.g. their asset purchases and collateral frameworks? To what extent would such integration be in accordance with current central bank mandates?
– Understanding and monitoring the market dynamics of green finance: What are the drivers of capital flows into green finance? What data would be needed to gain insight into the relevant dynamics of the financial sector? How do markets react to policy signals? How are green financial innovations driving the market?
– Central banks as catalysts for greening the financial system: How can central banks support the mainstreaming of green finance? What market barriers currently exist on the supply and demand side? -
Thursday, November 8, 2018 08.45-09.15 Arrival and coffee 09.15-09.30
Welcome and opening remarks
Joachim Wuermeling, Deutsche Bundesbank
Alexander Barkawi, Council on Economic PoliciesResearch session 1 - Climate Risk and Financial Stability (Chair: Eva Söbbeke, Deutsche Bundesbank) 09.30-10.15 Fostering green investments and tackling climate-related financial risks: Which role for macroprudential policies?
Paola D'Orazio, Ruhr University Bochum (Paper) (Slides)
Lilit Popoyan, Scuola Superiore Sant’Anna
Discussant: Henk Jan Reinders, De Nederlandsche Bank (Slides)10.15-10.45 Coffee break Research session 2 - Central Banks' Mandates 10.45-12.00 Panel discussion
Yolaine Fischer, Banque de France (Slides)
Javier Solana, Glasgow University (Paper)
Ulrich Volz, SOAS University of London (Slides) (Paper)
Moderator: Paul Fisher, University of Cambridge12.00-13.00 Lunch Research session 3: Greening central banks' operations (Chair: Peter Griep, Deutsche Bundesbank) 13.00-13.45 A carbon risk assessment of central banks’ portfolios under 2°C aligned climate scenarios
Stefano Battiston, University of Zurich
Irene Monasterolo, Vienna University of Economics and Business
Discussant: Sini Matikainen, Bank of England13.45-14.30 Greening monetary policy
Dirk Schoenmaker, Erasmus University of Rotterdam (Paper) (Slides)
Discussant: Franziska Schobert, Deutsche Bundesbank (Slides)Policy session - Scaling up Green Finance: The Role of Central Banks 14:30-15.00 Coffee 15.00-15.15 Welcome remarks
Sabine Mauderer, Deutsche Bundesbank15.15-15.45 Keynote speech
Benoît Cœuré, European Central Bank (Speech)15.45-17.00 Panel discussion
Joachim Wuermeling, Deutsche Bundesbank
Ivan Odonnat, Banque de France
Tanveer Hussain, Bank of England
Paul Tang, European Parliament
Moderator: Alexander Barkawi, Council on Economic Policies17.00-18.00 Drinks reception 18.30- Dinner (by invitation) Friday, November 9, 2018 Research session 4 - Climate Risk and Market Prices (Chair: Rafael del Villar, Banco de Mexico) 09.00-09:45 The pricing and term structure of environmental risk in syndicated loans
Torsten Ehlers, Bank for International Settlements
Kathrin de Greiff, University of Zurich
Frank Packer, Bank for International Settlements
Discussant: Jean-Stéphane Mésonnier, Banque de France (Slides)09.45-10.30 Heat exposure, firm performance and investor expectations
Nora Pankratz, Maastricht University (Paper)
Discussant: Andreas Breitenfellner, Oesterreichische Natrionalbank10.30-11.00 Coffee break Research session 5 - Green Bonds 11.00-12.00 Panel discussion
Gianfranco Gianfrate, Harvard Kennedy School (Paper)
Christian Huse, University of Oldenburg
Samuel Drempetic, Steyler Bank (Slides)
Yupu Zhang, University of Hong Kong
Moderator: Pierre Monnin, Council on Economic Policies>12.00-12.15 Conclusions
Pierre Monnin, Council on Economic Policies
12.15-13.00 Lunch -
– Laurent Clerc, Banque de France
– Rafael del Villar, Banco de Mexico
– Paul Fisher, University of Cambridge
– Emanuel Mönch, Deutsche Bundesbank
– Pierre Monnin, Council on Economic Policies