Signe Krogstrup: Climate risks and financial stability - staying the course amid uncertainty

Speech by Ms Signe Krogstrup, Governor of Danmarks Nationalbank, at the Danmarks Nationalbank's conference on "Climate change and the green transition - implications for the financial sector", Copenhagen, 19 June 2025.

The views expressed in this speech are those of the speaker and not the view of the BIS.

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Good morning, and welcome to Danmarks Nationalbank.

It is a great pleasure to host this conference and to welcome so many of you here today, colleagues, partners, and stakeholders, to share perspectives on the evolving risks that climate change poses to the financial sector.

Climate agenda competing for attention in a complex global risk environment

Let me begin by acknowledging the broader context in which we meet. The global economy and financial system face multiple challenges and high uncertainty, stemming from geopolitical tensions and trade fragmentation to cyber risks and structural shifts.

These pressing concerns rightly command our full attention. But for that reason, they also risk overshadowing challenges such as climate change which are perceived as longer-term. This happens at a time when climate policies face stronger headwinds in some parts of the world. This may slow the global energy transition and speed up climate change and the associated risks.