Skip to main content

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.

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


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


English [PDF 284KB], Japanese [PDF 591KB]


1st Day: March 25, 2021

20:00 Welcome Remarks
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 [PDF 365KB] 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 Presenter Winta Beyene [PDF 1,385KB] University of Zurich
Paper Presenter Steven Ongena [PDF 1,385KB] University of Zurich
Discussant Misa Tanaka [PDF 544KB] Bank of England
Mortgage finance in the face of rising climate risk
Paper Presenter Matthew E. Kahn [PDF 453KB] Johns Hopkins University
Discussant Kristle R. Cortés [PDF 879KB] 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 [PDF 490KB] Federal Reserve Bank of Chicago
21:10 Policy Panel Discussion
Moderator Masazumi Wakatabe Bank of Japan
Panelist Sarah Breeden Bank of England
Panelist Sabine Mauderer Deutsche Bundesbank
Panelist Kevin Stiroh Federal Reserve Board of Governors
22:10 Concluding Remarks
Speaker Ryozo Himino [PDF] (Link to an external website) Financial Services Agency
22:20 Adjournment

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


International Division, Financial System and Bank Examination Department

E-mail :