Webinar Video

First Workshop of the European Financial Architecture (EFA) RPN: Climate and Finance Stability

This event was the first Workshop of the European Financial Architecture RPN (EFA). It was held by invitation only to the EFA RPN Members.

Since the Paris Agreement, the awareness of climate physical risks and transition risks has increased among investors, central banks and supervisors. A growing number of studies have analysed the implications of climate change and a disorderly transition on financial risk. However, it is still unclear to what extent financial institutions are accounting properly for climate risks, and their counterparts: climate opportunities, as well as induced regulatory changes.

The first workshop of the new RPN European Financial Architecture addressed the potential risks emanating from climate change and its policy responses to the functioning of the financial system. It aimed to look at the real side of climate risk (heat, draught, storms, high water), the regulatory side (deadlines, embargos, accountabilities, standards), and the financial side (lending terms, insurance terms, contagion, default risk).

To this end experts from the (financial) industry and the European Central Bank (ECB) have been invited to share their experiences and views with us, in the form of short impulses.
- Jerôme Jean Haegeli and Hendre Garbers, Group Chief Economist and MD, Swiss Re : Measuring and pricing climate risk
- Liljana Cortan – Group Chief Risk Officer, ING : What role forfinance in adapting to climate change.
- Livio Stracca – Deputy Director General Financial Stability, ECB : Are banks prepared? Takeaways from ECB’s climate stress test.