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Central governments arrived late to the fast-growing market for "sustainable" bonds, but can set ambitious best practices for private issuers.
In conjunction with the BIS AGM, the FSI invited the heads of the secretariats of standard-setting bodies and international organisations to look at whether current regulatory frameworks are adequate to address climate-related financial risks and what adjustments are needed to make them fit for purpose.
In the closing high-level panel of the Green Swan 2022, the heads of the BIS, Central Bank of Brazil, European Central Bank, Bank of France and People's Bank of China discuss their work on climate, how it fits into their mandates, the prospects of "greenflation" and their wishes for a green transition of finance.
In this special address, Nobel laureate Al Gore delivers a stark call for the financial sector to act ethically and forcefully to transition away from carbon, and provides direction on how to achieve this.
After an introduction to the Green Swan Conference by Luiz Pereira, Ravi Menon explains why it is imperative for central banks and supervisors to consider climate-related risks in fulfilling their mandates. In his capacity as Chair of the Network for Greening the Financial System, he also highlights the 2022-24 work programme for the NGFS. (link to speech text)
The BIS, the International Association of Insurance Supervisors, the Network for Greening the Financial System and the Sustainable Insurance Forum are proud to launch the Climate Training Alliance portal. This portal enhances access to training resources for central banks and supervisors responding to climate risk.
Climate change is urgent and critical, and requires coordination, determination, cooperation, instruments, taxonomy and consensus.
Central banks can and will contribute to tackling climate change, but they need to set the right expectations about their contribution.
Climate change is an urgent and critical issue. It needs coordination, determination, cooperation and consensus building. The coming COP26 in Glasgow is an opportunity to re-affirm commitments, mobilize resources, work on these challenges, propose and implement practical solutions.
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.
Christine Lagarde, Mark Carney, and Benoît Coeuré, Head of the BIS Innovation Hub, discuss the role of innovation in supporting sustainable growth.
Luiz Pereira participates in a panel discussion on how central banks and supervisors can contribute to greening the financial system.
Video preview of the FSI Connect tutorial on Guide for Supervisors – Integrating climate-related and environmental risks into prudential supervision published by the Network for Greening the Financial System.
Luiz Pereira da Silva gives a thorough presentation on green swans and discusses related analytical and practical issues, as well as the need for global coordination to tackle climate change.
Luiz Pereira da Silva gives a thorough presentation on green swans and discusses related analytical and practical issues, as well as the need for global coordination to tackle climate change.
Has the green bond market helped to reduce carbon emissions? Frank Packer and Torsten Ehlers explore the case for supplementing the green bond label with a green rating based on firms' carbon emissions.
Fender and Zulaica look at the opportunities and challenges facing central bank reserve managers who seek to incorporate environmental sustainability objectives into their portfolios.
Video preview of the FSI Connect tutorial on Issues Paper on Climate Change Risks to the Insurance Sector published by the International Association of Insurance Supervisors and the Sustainable Insurance Forum.
Link to the event page
From black swans to green swans, Luiz Pereira da Silva talks about climate risks and what sustainable finance can realistically do for the transition to net zero, also in the light of the recent increase in energy prices.
Corrinne Ho offers a bird's eye view on all of the BIS's workstreams relating to climate change and green finance. From banking services to economic research, from innovation to regulation and capacity building, these activities all share the overarching principle of fostering international cooperation for the public good.
Global warming has increased the frequency and severity of natural catastrophes. Geoff Summerhayes explains the challenges related to climate risk assessment and the transition to a low-carbon economy, and the role that financial supervision can play.
Climate change poses new challenges to central banks, regulators and supervisors. Luiz Pereira da Silva reviews ways of addressing these new risks within central banks' financial stability mandate, based on a new research paper, The green swan. "Green swan" risks are potentially extremely financially disruptive events that could be behind the next systemic financial crisis.
Elsenhuber and Zulaica, from the BIS's Banking Department, explain how the BIS and central banks are supporting environmental sustainability and the greening of the financial system through the investment of foreign exchange reserves.