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.
Date
March 25-26, 2021, 20:00-22:20 JST
Summary
English [PDF 284KB], Japanese [PDF 591KB]
Program
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.
Inquiries
International Division, Financial System and Bank Examination Department
E-mail : fsbe-intl@boj.or.jp