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International Research Workshop on Climate-related Financial Risks: Interactions of Climate Change and the Financial System

December 24, 2020
Bank of Japan
Financial System and Bank Examination Department

Amid heightened global interest in climate change in recent years, there have been increasing discussions among central banks or financial supervisory authorities, and furthermore at international meetings or similar events participated by them, around the risks of climate change that may impair the financial stability (climate-related financial risks).

The Bank of Japan has made progress in discussions at international meetings and exchanges of views with national authorities or related stakeholders such as financial institutions, on issues around climate change, including joining the Network for Greening the Financial System (NGFS, a group of central banks and supervisors willing to discuss issues related to climate-related risks) in 2019. As part of these efforts, the Financial System and Bank Examination Department at the Bank of Japan decided to hold an international research workshop on climate-related financial risks on March 25 and 26, 2021.

The workshop will be held virtually, attended by various participants involved with this topic, such as academics, central banks, government bodies mainly represented by financial supervisory authorities, international organizations and financial institutions. On the issue of climate-related financial risks, the participants will be presenting academic papers or discuss efforts around policies related to the financial system.

A summary of the discussion will be posted on the website at a later date.

Note: The program has been posted as below on February 26, 2021.

Date

March 25-26, 2021, 20:00-22:20 JST

Program

1st Day: March 25, 2021

  • 20:00
    Speaker
    Haruhiko Kuroda
    Bank of Japan
  • 20:20
    Keynote Speech
    Speaker
    Jeffrey D. Sachs
    Columbia University
  • 20:40
    Introductory Session: How Does Climate Change Interact with the Financial System? A Survey
    Paper Presenter
    Hibiki Ichiue
    Bank of Japan
  • 21:10
    Session 1: Impacts of Climate-Related Risks on Banking Sector
    Chairperson
    Tokiko Shimizu
    Bank of Japan
    Fuelling fossil fuel: Bond to bank substitution in the transition to a low-carbon economy
    Paper Presenters
    Winta Beyene
    University of Zurich
     
    Steven Ongena
    University of Zurich
    Discussant
    Misa Tanaka
    Bank of England
    Mortgage finance in the face of rising climate risk
    Paper Presenter
    Matthew E. Kahn
    Johns Hopkins University
    Discussant
    Kristle R. Cortés
    University of New South Wales
  • 22:20
    Adjournment

2nd Day: March 26, 2021

  • 20:00
    Session 2: To What Extent Do Asset Prices Reflect Climate-Related Risks?
    Chairperson
    Kenji Fujita
    Bank of Japan
    Carbon premium around the world
    Paper Presenter
    Patrick Bolton
    Columbia University
    Discussant
    Po-Hsuan Hsu
    National Tsing Hua University
    Does information about climate risk affect property values?
    Paper Presenter
    Miyuki Hino
    University of North Carolina at Chapel Hill
    Discussant
    Daniel A. Hartley
    Federal Reserve Bank of Chicago
  • 21:10
    Policy Panel Discussion
    Moderator
    Masazumi Wakatabe
    Bank of Japan
    Panelists
    Sarah Breeden
    Bank of England
     
    Sabine Mauderer
    Deutsche Bundesbank
     
    Kevin Stiroh
    Federal Reserve Board of Governors
  • 22:10
    Concluding Remarks
    Speaker
    Ryozo Himino
    Financial Services Agency
  • 22:20
    Adjournment

Please note that the program is subject to change and attendance at the workshop is by invitation only.

Inquiries

International Division, Financial System and Bank Examination Department

E-mail : fsbe-intl@boj.or.jp