Financial Regulation Climate Change And The Transition To A Low Carbon Economy A Survey Of The Issues
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Financial Regulation, Climate Change, and the Transition to a Low-Carbon Economy: A Survey of the Issues by Mr. Dimitri G Demekas,Pierpaolo Grippa Pdf
There are demands on central banks and financial regulators to take on new responsibilities for supporting the transition to a low-carbon economy. Regulators can indeed facilitate the reorientation of financial flows necessary for the transition. But their powers should not be overestimated. Their diagnostic and policy toolkits are still in their infancy. They cannot (and should not) expand their mandate unilaterally. Taking on these new responsibilities can also have potential pitfalls and unintended consequences. Ultimately, financial regulators cannot deliver a low-carbon economy by themselves and should not risk being caught again in the role of ‘the only game in town.’
Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature by Signe Krogstrup,William Oman Pdf
Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The literature provides a menu of policy tools for mitigation. A key conclusion is that fiscal tools are first in line and central, but can and may need to be complemented by financial and monetary policy instruments. Some tools and policies raise unanswered questions about policy tool assignment and mandates, which we describe. The literature is scarce, however, on the most effective policy mix and the role of mitigation tools and goals in the overall policy framework.
Managing Climate Risk in the U.S. Financial System by Leonardo Martinez-Diaz,Jesse M. Keenan Pdf
This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
Author : Andreas Dombret,Patrick S. Kenadjian Publisher : Walter de Gruyter GmbH & Co KG Page : 278 pages File Size : 43,6 Mb Release : 2021-10-11 Category : Law ISBN : 9783110752922
Green Banking and Green Central Banking by Andreas Dombret,Patrick S. Kenadjian Pdf
The books deals with the questions that really matter for green finance: Where will the money to finance the transition to a low carbon environment come from, how far do the banks’ balance sheets stretch and where will the rest of the money come from? How much can we rely on the capital markets, especially in the EU, to get money to the parts of the economy which really need it, without greenwashing? How do governments organize not just a transition, but a just transition to a low carbon environment? Is it time to revisit received ideas about the proper role for central banks?
Finance & Development, December 2019 by International Monetary Fund. Communications Department Pdf
This issue of Finance & Development looks at the economic and financial impact of climate policy choices. It points to concrete solutions that offer growth opportunities, driven by technological innovation, sustainable investment, and a dynamic private sector. The private sector can stop supporting or subsidizing industries and activities that damage the planet and instead invest in sustainable development. Governments can roll out policies to fight climate change and the destruction of nature. The paper highlights that technological change and innovations are central to longer-term efforts to mitigate climate change by developing alternatives to fossil fuels. A new, sustainable financial system is under construction. It is funding the initiatives and innovations of the private sector and amplifying the effectiveness of governments’ climate policies—it could even accelerate the transition to a low-carbon economy. The Bank of England’s latest survey finds that almost three-quarters of banks are starting to treat the risks from climate change like other financial risks—rather than viewing them simply as a corporate social responsibility. Banks have begun to consider the most immediate physical risks to their business models—from the exposure of mortgage books to flood risk to the impact of extreme weather events on sovereign risk.
Banking on Climate Change provides you with a comprehensive, cross-jurisdictional analysis of legislative and policy responses to climate change and the financial crisis in key market economies. The climate finance field is extremely new. This first qualitative study on corporate climate finance spells out the importance of private capital finance and public finance in facilitating the transition to a low-carbon economy. You'll find a thorough discussion and analysis of the discrete topics of finance and climate change, which will help you in your lending, investing and advising activities. Megan Bowman draws upon the access she has received to senior bank managers and international workshops to explore the activities of multilateral development banks and specialized climate funds. She also considers the influences of corporate law and corporate governance norms on directors' decision-making. She examines the risk/return theory for a range of private finance actors, and explores how business case logic and corporate social responsibility influence financial behaviors. She also looks at the case for Chinese 'state capital' for global green investment. Banking on Climate Change includes personal interviews with senior bank personnel, corporations and non-government organizations in the United States, Europe and Australia. This data will give you a key insight into how and why the banks make their decisions, and will be helpful for legal practitioners, policy-makers and anyone working in other private finance sectors.--
Carbon Governance, Climate Change and Business Transformation by Adam Bumpus,James Tansey,Blas Luis Pérez Henríquez,Chukwumerije Okereke Pdf
Transformation to a low carbon economy is a central tenet to any discussion on the solutions to the complex challenges of climate change and energy security. Despite advances in policy, carbon management and continuing development of clean technology, fundamental business transformation has not occurred because of multiple political, economic, social and organisational issues. Carbon Governance, Climate Change and Business Transformation is based on leading academic and industry input, and three international workshops focused on low carbon transformation in leading climate policy jurisdictions (Canada, USA and the UK) under the international Carbon Governance Project (CGP) banner. The book pulls insights from this innovative collaborative network to identify the policy combinations needed to create transformative change. It explores fundamental questions about how governments and the private sector conceptualize the problem of climate change, the conditions under which business transformation can genuinely take place and key policy and business innovations needed. Broadly, the book is based on emerging theories of multi-levelled, multi-actor carbon governance, and applies these ideas to the real world implications for tackling climate change through business transformation. Conceptually and empirically, this book stimulates both academic discussion and practical business models for low carbon transformation.
Climate Action to Unlock the Inclusive Growth Story of the 21st Century by Amar Bhattacharya,Maksym Ivanyna,William Oman,Nicholas Stern Pdf
Climate change is a major threat to the sustainability and inclusiveness of our societies, and to the planet’s habitability. A just transition to a low-carbon economy is the only viable way forward. This paper reviews the climate change challenge. It stresses the criticality of systems changes (energy, transport, urban, land use, water) in a climate-challenged world, and the importance of infrastructure investment geared toward such systems changes. The key policies to enable the transition are: public spending on and investment frameworks for sustainable infrastructure, pricing carbon, regulations, promoting sustainable use of natural resources, scaling up and aligning finance with climate objectives, low-carbon industrial and innovation policies, building resilience and adaptation, better measurement of well-being and sustainability, and providing information and education on climate risks. Implemented well, climate action would unlock the inclusive growth story of the 21st century, making our societies more sustainable, inclusive, and prosperous.
Delays in Climate Transition Can Increase Financial Tail Risks: A Global Lesson from a Study in Mexico by Mr. Dimitrios Laliotis,Sujan Lamichhane Pdf
This paper explores a novel forward-looking approach to study the financial stability implications of climate-related transition risks. We develop an integrated micro-macro framework with a new class of scenario called delayed-uncertain pathways. An additional stochastic financial modeling layer via a jump-diffusion process is considered to capture continuously changing risks, as well as the potential of large/sudden shocks in the financial markets. We applied this approach to study transition risks in the Mexican financial sector. But the implications are global in scope, and the framework is easily adaptable to other countries. We quantify the projections of future distributions of various risk metrics and, hence, the evolving tail risks due to compounding effects from delays in transitioning to a low-carbon economy and the consequent uncertainty of the future policy path. We find that the longer the delays in transition, the larger the future tail financial risks, which could be material to the overall system.
Carbon Finance by Sonia Labatt,Rodney R. White Pdf
Praise for Carbon Finance "A timely, objective, and informative analysis of the financial opportunities and challenges presented by climate change, including a thorough description of adaptive measures and insurance products for managing risk in a carbon constrained economy." —James R. Evans, M. Eng. P. Geo., Senior Manager, Environmental Risk Management, RBC Financial Group "Climate change will have enormous financial implications in the years to come. How businesses and investors respond to the risks and opportunities from this issue will have an enormous rippling effect in the global economy. Sonia Labatt and Rodney White's insights and thoughtful analysis should be read by all who want to successfully navigate this global business issue." —Andrea Moffat, Director, Corporate Programs, Ceres "In Carbon Finance, Labatt and White present a clear and accessible description of the climate change debate and the carbon market that is developing. Climate change is becoming an important factor for many financial sector participants. The authors illustrate how challenges and opportunities will arise within the carbon market for banking, insurance, and investment activities as well as for the regulated and energy sector of the economy." —Charles E. Kennedy, Director and Portfolio Manager, MacDougall, MacDougall & MacTier Inc. "Climate change is the greatest environmental challenge of our generation. Its impact on the energy sector has implications for productivity and competitiveness. At the same time, environmental risk has emerged as a major challenge for corporations in the age of full disclosure. Carbon Finance explains how these disparate forces have spawned a range of financial products designed to help manage the inherent risk. It is necessary reading for corporate executives facing challenges that are unique in their business experience." —Skip Willis, Managing Director Canadian Operations, ICF International "In this timely publication, Labatt and White succeed in communicating the workings of carbon markets, providing simple examples and invaluable context to the new and changing mechanisms that underpin our transformation to a carbon-constrained world. Carbon Finance will be the definitive guide to this field for years to come." —Susan McGeachie, Director, Innovest Strategic Value Advisors, Graduate Faculty Member, University of Toronto; and Jane Ambachtsheer, Principal, Mercer Investment Consulting, Graduate Faculty Member, University of Toronto
Transition to a low-carbon economy Public goals and corporate practices by OECD Pdf
Using the principles of responsible business conduct identified in the OECD Guidelines for Multinational Enterprises, this report reviews three key areas of corporate action accounting for greenhouse gas emissions, achieving emissions reductions and engaging suppliers, consumers and others.
Corporate Responses to Climate Change by Rory Sullivan Pdf
Given the scale of the greenhouse gas emissions reductions that are seen as necessary to avert the worst effects of climate change, policy action is likely to result in a complete reshaping of the world economy. The consequences are not confined to 'obvious' sectors such as power generation, transport and heavy industry; virtually every company's activities, business models and strategies will need to be completely rethought. In addition, beyond their core business activities, companies have the potential to make important contributions to reducing greenhouse gas emissions through the allocation of capital, through innovation and the development of new technologies, and through their influence on the actions taken by governments on climate change. Corporate Responses to Climate Change has been written at a crucial point in the climate change debate, with the issue now central to economic and energy policy in many countries. The book analyses current business practice and performance on climate change, in the light of the dramatic changes in the regulatory and policy environment over the last five years. More specifically, it examines how climate change-related policy development and implementation have influenced corporate performance, with the objective of using this information to consider how the next stage of climate change policy – regulation, incentives, voluntary initiatives – may be designed and implemented in a manner that delivers the real and substantial reductions in greenhouse gas emissions that will be required in a timely manner, while also addressing the inevitable dilemmas at the heart of climate change policy (e.g. how are concerns such as energy security to be squared with the need for drastic reductions in greenhouse gas emissions? Can economic growth be reconciled with greenhouse gas emissions? Can emissions reductions be delivered in an economically efficient manner?). The book focuses primarily on two areas. First, how have companies actually responded to the emerging regulatory framework and the growing political and broader public interest in climate change? Have companies reduced their greenhouse gas emissions and by how much? Have companies already started to position themselves for the transition to a low-carbon economy? Does corporate self-regulation – unilateral commitments and collective voluntary approaches – represent an appropriate response to the threat presented by climate change? What are the barriers to further action? Second, the book examines what the key drivers for corporate action on climate change have been: regulation, stakeholder pressure, investor pressure. Which policy instruments have been effective, which have not, and why? How have company actions influenced the strength of these pressures? Corporate Responses to Climate Change is a state-of-the-art analysis of corporate action on climate change and will be essential reading for businesses, policy-makers, academics, NGOs, investors and all those interested in how the business sector is and should be dealing with the most serious environmental threat faced by our planet.
Aligning Policies for a Low-carbon Economy by OECD Pdf
This report produced in co-operation with the International Energy Agency (IEA), the International Transport Forum (ITF) and the Nuclear Energy Agency (NEA) identifies the misalignments between climate change objectives and policy and regulatory frameworks across a range of policy domains.
