Green Swan 2021: coordinating finance on climate
Joint virtual conference by the Bank for International Settlements, Bank of France, International Monetary Fund and Network for Greening the Financial System, 2-4 June 2021.
A volume featuring special guest speeches and high-level panels of the conference is available here.
The Bank for International Settlements, Bank of France, International Monetary Fund and Network for Greening the Financial System joined forces to co-sponsor a truly unique global virtual conference on "How in practice can the financial sector take immediate action against climate change-related risks?".
In the current age, we are all well aware of the main risks and challenges posed by climate change. The 2020 book The green swan: central banking and financial stability in the age of climate change called for strengthening coordination to address these risks, and for immediate action. Many initiatives by central banks and other actors are already under way – with more under development.
This conference showcased these initiatives and helped to identify more potential practical solutions. Its results can serve as a global public good for other events ahead of COP26, and beyond.
The conference gathered the four heads of the co-sponsoring organisations, three Nobel Laureates, 15+ current and former central bank Governors and top executives, 25+ senior policymakers and official sector experts, 20+ prominent academics and 25+ senior executives and CEOs from the private sector. They discussed the most feasible and concrete proposals for a more sustainable economy, financial sector and society.
- Tim Adams
- Tobias Adrian
- Michel Aglietta
- Enrique Alberola
- Nathalie Aufauvre
- Bertrand Badré
- Andrew Bailey
- Valérie Baudson
- Rostin Behnam
- Erik Berglof
- Magnus Billing
- Sarah Bloom Raskin
- Jeffrey Bohn
- Patrick Bolton
- Francois Bourguignon
- Sarah Breeden
- Remy Briand
- Herman Bril
- Barbara Buchner
- Roberto Campos Neto
- Mark Carney
- Agustin Carstens
- Chen Long
- Laurent Clerc
- Benoît Coeuré
- Jean-François Coppenolle
- Yannis Dafermos
- Thierry Déau
- Rafael Del Villar Alrich
- Morgan Després
- Alejandro Díaz de León
- Andreas Dombret
- Charlie Donovan
- Torsten Ehlers
- Niklas Ekvall
- Frank Elderson
- Ulrike Elsenhuber
- Robert Engle
- Suren Erkman
- Laurent Fabius
- Ambroise Fayolle
- Thierry Fornas
- Arminio Fraga
- Kristalina Georgieva
- Ian Goldin
- Al Gore
- Sylvie Goulard
- Geoffrey Heal
- Irene Heemskerk
- Pablo Hernández de Cos
- Corrinne Ho
- Haizhou Huang
- Anandakumar Jegarasasingam
- Thomas Jordan
- Marcin Kacperczyk
- Anshula Kant
- Denis Kessler
- Lesetja Kganyago
- Klaas Knot
- Johanna Köb
- Isabelle Kocher
- Claudia Kruse
- Haruhiko Kuroda
- Christine Lagarde
- Robert Litterman
- Timo Löyttyniemi
- Isabelle Mateos y Lago
- Richard Mattison
- Sabine Mauderer
- Matthieu Maurin
- Emilie Mazzacurati
- Ravi Menon
- Benoit Mojon
- Mario Monti
- Elizabeth Mrema
- Xavier Musca
- Joseph Noss
- Maurice Obstfeld
- José Antonio Ocampo
- Jim O'Neill
- Mari Pangestu
- Nandita Parshad
- Ceyla Pazarbasioglu
- Luiz Pereira da Silva
- Joe Perry
- Ann Pettifor
- Thierry Philipponnat
- Jean Pisani-Ferry
- Brune Poirson
- Adam Posen
- Jerome Powell
- Alexandre Rambaud
- Lucrezia Reichlin
- Carmen Reinhart
- Fernando Restoy
- Hélène Rey
- Fiona Reynolds
- Remy Rioux
- Simone Robbers
- Nick Robins
- Olivier Rousseau
- Glenn Rudebusch
- Marc Sadler
- Frédéric Samama
- Dirk Schoenmaker
- Minouche Shafik
- Olaf Sleijpen
- Nicholas Stern
- Joseph Stiglitz
- Romain Svartzman
- Josué Tanaka
- Gillian Tett
- Torsten Thiele
- Massamba Thioye
- Siddharth Tiwari
- Laurence Tubiana
- Shalini Vajjhala
- François Villeroy de Galhau
- Ignazio Visco
- Ulrich Volz
- Axel Weber
- Jens Weidmann
- David Wood
- Yi Gang
- Jeffery Yong
- Eddie Yue
- Nor Shamsiah Yunus
- Tao Zhang
- Zhou Xiaochuan
Featured speakers (in alphabetical order)
 Andrew BaileyGovernor, Bank of England |
 Sarah Bloom RaskinFormer Deputy Secretary, United States Treasury / former Governor, Federal Reserve Board |
 Mark CarneyFinance Adviser to the UK Prime Minister for COP26 / UN Special Envoy on Climate Action and Finance |
 Agustín CarstensGeneral Manager, BIS |
 Frank EldersonMember of the Executive Board and Vice-Chair of the Supervisory Board, ECB / Chair, NGFS |
 Robert EngleMichael Armellino Professor of Finance, NYU Stern School of Business |
 Laurent FabiusFormer President of the COP21 / Paris Agreement |
 Kristalina GeorgievaManaging Director, IMF |
 Al GoreChairman, Generation Investment Management |
 Sylvie GoulardSecond Deputy Governor, Banque de France |
 Christine LagardePresident, ECB |
 Mario MontiPresident of Bocconi University / former Prime Minister, Italy |
 Luiz Pereira da SilvaDeputy General Manager, BIS |
 Jerome PowellChair, Federal Reserve Board of Governors |
 Minouche ShafikDirector, London School of Economics |
 Nicholas SternIG Patel Professor of Economics and Government / Chair, Grantham Research Institute, LSE |
 Joseph StiglitzProfessor, Columbia University |
 Gillian TettChair of the Editorial Board and Editor-at-large (US), Financial Times |
 François Villeroy de GalhauGovernor, Banque de France |
 Ignazio ViscoGovernor, Bank of Italy / G20 Presidency |
 Jens WeidmannChair of the BIS Board of Directors and President of the Deutsche Bundesbank |
 Yi GangGovernor, People's Bank of China |
 Tao ZhangDeputy Managing Director, IMF |
 Zhou XiaochuanPresident, China Society for Finance and Banking / former Governor, People's Bank of China |
4 June
Laurent Fabius speaks about "This is not time for business as usual".
What are the policies currently considered by central banks, regulators and supervisors – and their challenges – to address climate change?
How can innovations in market-based approaches using consumer carbon tracing influence consumers' lifestyle choices?
Can we provide concrete green investment opportunities for the current abundance of savings? How to structure implied Temperature / 1.5-degree Celsius Portfolios?
Zhou Xiaochuan speaks at the Green Swan Conference 2021.
How can central banks, supervisors and regulators help to mobilise and coordinate with other actors (Treasuries, private sector) in the fight against climate change?
How are new investments adapting to integrate biodiversity loss risks? How are the impacts of these investment measured?
How can Development Banks address the massively increased financing needs for green projects? What kind of innovative solutions can be developed?
Nicolas Stern speaks about "Economic leadership for transformation in a critical decade: managing risks and fostering investment".
Central banks and climate change: how to manage expectations, balance actions and communication and contribute to coordinate with other important actors?
Luiz Pereira da Silva draws the main messages of the Green Swan Conference and Ignazio Visco talks about the conference messages in light of the G20 Presidency programme.
3 June
Sylvie Goulard introduces the second day of the Green Swan Conference 2021 and Mario Monti delivers a special guest speech.
How should financial stability, regulation and supervision be considered in the context of increasing climate-related risks?
Measuring climate-related risks in macroeconomic and global terms: do we have the right mind set, tools and models?
Do we have the right financial and insurance instruments to deal with the impact of climate change?
Joseph Stiglitz speaks at the Green Swan Conference 2021.
Frank Elderson speaks at the Green Swan Conference 2021.
What are the methods and metrics currently being used to assess climate-related risks in investment decisions?
What are the challenges to having "greener cities" – and how to finance them?
How is Green R&D doing? How critical is alternative energy financing?
Sarah Bloom Raskin speaks about "Climate change and the precautionary imperative".
Andrew Bailey speaks about "Tackling climate change for real: progress and next steps".
2 June
The heads of the organising institutions discuss how in practice the financial sector can take immediate action against climate change-related risks.
Mainstreaming climate risk management: what next?
Biodiversity: what does its loss imply for our society? How can we better assess and integrate potential risks?
How do executives internally lead and manage the paradigm shift about climate change in their institutions?
Do we take sufficient account of the redistributive impacts of climate change?
Robert Engle speaks at the Green Swan Conference 2021.
What is the role of governments and IFIs in mitigating risks and coordinating the policy response to climate change?
Climate change-related risks data and accounting: how are existing methods being implemented? What are the alternatives to the existing reporting methodologies?
What is the true resilience of our financial systems to climate change risks with the buffers we currently have?
Jens Weidmann speaks about "Climate risks, financial markets and central banks' risk management" at the Green Swan Conference 2021.
Tao Zhang speaks about "Climate change: our most global challenge" at the Green Swan Conference 2021.
Sessions marked with were livestreamed on this page.
2 June
| 12:15PM - 1:15PM | Introduction: Why this Conference? How in practice can the financial sector take immediate action against climate change-related risks? Moderator: Minouche Shafik (LSE)
|
| 1:15PM - 1:45PM | Mainstreaming climate risk management: what next? Mark Carney (Finance Adviser to the UK Prime Minister for COP 26; UN Special Envoy on Climate Action and Finance) |
| 1:45PM - 3:00PM | Parallel sessions
|
| 3:00PM - 3:15PM | Break |
| 3:15PM - 3:45PM | Special guest speech by Robert Engle (Michael Armellino Professor of Finance, NYU Stern School of Business) |
| 3:45PM - 4:15PM | Our climate crisis, the financial system and the sustainability revolution Al Gore (Chairman, Generation Investment Management) |
| 4:15PM - 5:30PM | Parallel session: Panel discussions
|
| 5:30PM - 5:45PM | Break |
| 5:45PM - 6:00PM | Climate risks, financial markets and central banks' risk management Jens Weidmann (Chair of the BIS Board of Directors and President of the Deutsche Bundesbank) |
| 6:00PM - 6:30PM | Climate change: our most global challenge Tao Zhang (Deputy Managing Director, IMF) |
3 June
| 1:00PM - 1:15PM | Introduction by Sylvie Goulard (Second Deputy Governor, Banque de France) |
| 1:15PM - 1:45PM | Special guest speech by Mario Monti (President of Bocconi University; former Prime Minister of Italy) |
| 1:45PM - 3:00PM | Parallel session: Panel discussions
|
| 3:00PM - 3:30PM | Special guest speech by Joseph Stiglitz (Professor, Columbia University) |
| 3:30PM - 3:45PM | Break |
| 3:45PM - 4:15PM | Special guest speech by Frank Elderson (Member of the Executive Board and Vice-Chair of the Supervisory Board, ECB; Chair, NGFS) |
| 4:15PM - 5:30PM | Parallel session: Panel discussions
|
| 5:30PM - 6:00PM | Climate change and the precautionary imperative Sarah Bloom Raskin (former Deputy Secretary, United States Treasury; former Governor, Federal Reserve Board) |
| 6:00PM - 6:30PM | Tackling climate change for real: progress and next steps Andrew Bailey (Governor, Bank of England) |
4 June
| 8:30AM - 9:00AM | Special guest speech by Laurent Fabius (former President of COP21 / Paris Agreement) |
| 9:00AM - 10:15AM | Parallel sessions: Panel discussions
Moderator: Morgan Després (Banque de France)
Moderator: Benoît Cœuré (BIS)
Moderator: Frédéric Samama (CPR) |
| 10:15AM - 10:30AM | Break |
| 10:30AM - 11:00AM | Special guest speech by Zhou Xiaochuan (President, China Society for Finance and Banking; Vice Chairman, Boao Forum for Asia; former Governor, People's Bank of China) |
| 11:00AM - 12:15PM | Parallel session: Panel discussions
|
| 12:15PM - 12:30PM | Break |
| 12:30PM - 1:00PM | Economic leadership for transformation in a critical decade: managing risks and fostering investment Nicholas Stern (IG Patel Professor of Economics and Government and Chair of the Grantham Research Institute on Climate Change and the Environment, London School of Economics) |
| 1:00PM - 2:45PM | Concluding panel
Moderator: Gillian Tett (Financial Times)
|
| 2:45PM - 3:00PM |
Main messages of the conference by Luiz A Pereira da Silva (Deputy General Manager, BIS) |
| 3:00PM - 3:30PM | The conference messages in light of the G20 Presidency programme Ignazio Visco (Governor, Bank of Italy; G20 Presidency) |