Green Swan 2021: coordinating finance on climate

Green Swan 2021: coordinating finance on climate

Joint virtual conference by the Bank for International Settlements, Bank of France, International Monetary Fund and Network for Greening the Financial System, 2-4 June 2021.

A volume featuring special guest speeches and high-level panels of the conference is available here.

The Bank for International Settlements, Bank of France, International Monetary Fund and Network for Greening the Financial System joined forces to co-sponsor a truly unique global virtual conference on "How in practice can the financial sector take immediate action against climate change-related risks?".

A global virtual conference

An unprecedented line-up of speakers and panellists, including high-level policymakers, experts and practitioners from central banking, the regulatory community, the financial sector, civil society and academia

Join the conversation on social media using the hashtag #GreenSwanConference.

In the current age, we are all well aware of the main risks and challenges posed by climate change. The 2020 book The green swan: central banking and financial stability in the age of climate change called for strengthening coordination to address these risks, and for immediate action. Many initiatives by central banks and other actors are already under way – with more under development.

This conference showcased these initiatives and helped to identify more potential practical solutions. Its results can serve as a global public good for other events ahead of COP26, and beyond.

The conference gathered the four heads of the co-sponsoring organisations, three Nobel Laureates, 15+ current and former central bank Governors and top executives, 25+ senior policymakers and official sector experts, 20+ prominent academics and 25+ senior executives and CEOs from the private sector. They discussed the most feasible and concrete proposals for a more sustainable economy, financial sector and society.

Complete list of speakers (in alphabetical order)

Featured speakers (in alphabetical order)

Andrew Bailey

Governor, Bank of England

Sarah Bloom Raskin

Former Deputy Secretary, United States Treasury / former Governor, Federal Reserve Board

Mark Carney

Finance Adviser to the UK Prime Minister for COP26 / UN Special Envoy on Climate Action and Finance

Agustín Carstens

General Manager, BIS

Frank Elderson

Member of the Executive Board and Vice-Chair of the Supervisory Board, ECB / Chair, NGFS

Robert Engle

Michael Armellino Professor of Finance, NYU Stern School of Business

Laurent Fabius

Former President of the COP21 / Paris Agreement

Kristalina Georgieva

Managing Director, IMF

Al Gore

Chairman, Generation Investment Management

Sylvie Goulard

Second Deputy Governor, Banque de France

Christine Lagarde

President, ECB

Mario Monti

President of Bocconi University / former Prime Minister, Italy

Luiz Pereira da Silva

Deputy General Manager, BIS

Jerome Powell

Chair, Federal Reserve Board of Governors

Minouche Shafik

Director, London School of Economics

Nicholas Stern

IG Patel Professor of Economics and Government / Chair, Grantham Research Institute, LSE

Joseph Stiglitz

Professor, Columbia University

Gillian Tett

Chair of the Editorial Board and Editor-at-large (US), Financial Times

François Villeroy de Galhau

Governor, Banque de France

Ignazio Visco

Governor, Bank of Italy / G20 Presidency

Jens Weidmann

Chair of the BIS Board of Directors and President of the Deutsche Bundesbank

Yi Gang

Governor, People's Bank of China

Tao Zhang

Deputy Managing Director, IMF

Zhou Xiaochuan

President, China Society for Finance and Banking / former Governor, People's Bank of China

4 June

3 June

2 June

Sessions marked with were livestreamed on this page.

View agenda in PDF

2 June

12:15PM - 1:15PM	Introduction: Why this Conference? How in practice can the financial sector take immediate action against climate change-related risks? Moderator: Minouche Shafik (LSE) Kristalina Georgieva (IMF) François Villeroy de Galhau (Banque de France) Frank Elderson (ECB; NGFS) Agustín Carstens (BIS)
1:15PM - 1:45PM	Mainstreaming climate risk management: what next? Mark Carney (Finance Adviser to the UK Prime Minister for COP 26; UN Special Envoy on Climate Action and Finance)
1:45PM - 3:00PM	Parallel sessions Panel A. Biodiversity: what does its loss imply for our society? How can we better assess and integrate potential risks? Geoffrey Heal (Columbia Business School) Richard Mattison (S&P Global Trucost) Elizabeth Mrema (Secretariat of the UN Convention on Biological Diversity) Jim O'Neill (Chatham House) Dirk Schoenmaker (Rotterdam School of Management) Torsten Thiele (LSE) Moderator: Romain Svartzman (Banque de France) Panel B. How do executives internally lead and manage the paradigm shift about climate change in their institutions? Valérie Baudson (Amundi) Roberto Campos Neto (Central Bank of Brazil) Isabelle Kocher (former ENGIE CEO) Axel Weber (UBS) Moderator: Corrinne Ho (BIS) Panel C. Do we take sufficient account of the redistributive impacts of climate change? François Bourguignon (Paris School of Economics) Mari Pangestu (World Bank) Ann Pettifor (Policy Research in Macroeconomics) Fiona Reynolds (PRI) David Wood (Harvard Kennedy School) Moderator: Jeffery Yong (BIS)
3:00PM - 3:15PM	Break
3:15PM - 3:45PM	Special guest speech by Robert Engle (Michael Armellino Professor of Finance, NYU Stern School of Business)
3:45PM - 4:15PM	Our climate crisis, the financial system and the sustainability revolution Al Gore (Chairman, Generation Investment Management)
4:15PM - 5:30PM	Parallel session: Panel discussions Panel D. What is the role of governments and IFIs in mitigating risks and coordinating the policy response to climate change? Maurice Obstfeld (UC Berkeley) José Antonio Ocampo (Columbia University SIPA) Ceyla Pazarbasioglu (IMF) Adam Posen (Peterson Institute for International Economics) Marc Sadler (World Bank) Moderator: Patrick Bolton (Columbia University) Panel E. Climate change-related risks data and accounting: how are existing methods being implemented? What are the alternatives to the existing reporting methodologies? Magnus Billing (Alecta) Klaas Knot (DNB; FSB Vice Chair) Emilie Mazzacurati (Moody's) Lucrezia Reichlin (London Business School) Moderator: Joe Perry (IAIS secretariat) Panel F. What is the true resilience of our financial systems to climate change risks with the buffers we currently have? Nathalie Aufauvre (Banque de France) Rostin Behnam (CFTC) Sarah Breeden (Bank of England) Alejandro Díaz de León (Banco de México) Glenn Rudebusch (Federal Reserve Bank of San Francisco) Ulrich Volz (SOAS University of London) Moderator: Joseph Noss (FSB secretariat)
5:30PM - 5:45PM	Break
5:45PM - 6:00PM	Climate risks, financial markets and central banks' risk management Jens Weidmann (Chair of the BIS Board of Directors and President of the Deutsche Bundesbank)
6:00PM - 6:30PM	Climate change: our most global challenge Tao Zhang (Deputy Managing Director, IMF)

3 June

1:00PM - 1:15PM	Introduction by Sylvie Goulard (Second Deputy Governor, Banque de France)
1:15PM - 1:45PM	Special guest speech by Mario Monti (President of Bocconi University; former Prime Minister of Italy)
1:45PM - 3:00PM	Parallel session: Panel discussions Panel G. How should financial stability, regulation and supervision be considered in the context of increasing climate-related risks? Tobias Adrian (IMF) Michel Aglietta (CEPII) Yannis Dafermos (SOAS University of London) Arminio Fraga (Gávea Investimentos) Timo Löyttyniemi (The State Pension Fund of Finland) Hélène Rey (London Business School) Moderator: Fernando Restoy (BIS) Panel H. Measuring climaterelated risks in macroeconomic and global terms: do we have the right mind set, tools and models? Robert Litterman (Kepos Capital) Thierry Philipponnat (Finance Watch) Jean Pisani-Ferry (Sciences Po Paris) Carmen Reinhart (World Bank) Nick Robins (LSE) Laurence Tubiana (European Climate Foundation) Moderator: Enrique Alberola (BIS) Panel I. Do we have the right financial and insurance instruments to deal with the impact of climate change? Bertrand Badré (Blue like an Orange Sustainable Capital) Jeffrey Bohn (Swiss Re) Rafael Del Villar Alrich (Banco de México) Andreas Dombret (Columbia University SIPA; Oliver Wyman) Moderator: Ulrike Elsenhuber (BIS)
3:00PM - 3:30PM	Special guest speech by Joseph Stiglitz (Professor, Columbia University)
3:30PM - 3:45PM	Break
3:45PM - 4:15PM	Special guest speech by Frank Elderson (Member of the Executive Board and Vice-Chair of the Supervisory Board, ECB; Chair, NGFS)
4:15PM - 5:30PM	Parallel session: Panel discussions Panel J. What are the methods and metrics currently being used to assess climate-related risks in investment decisions? Remy Briand (MSCI) Herman Bril (Arabesque Asset Management) Olivier Rousseau (Fonds de Réserve pour les Retraites) Moderator: Benoît Mojon (BIS) Panel K. What are the challenges to having 'greener cities' – and how to finance them? Barbara Buchner (Climate Policy Initiative) Thierry Déau (Meridiam) Torsten Ehlers (BIS) Josué Tanaka (C40 Cities; LSE) Shalini Vajjhala (Re:focus Partners) Moderator: Anandakumar Jegarasasingam (BIS) Panel L. How is Green R&D doing? How critical is alternative energy financing? Tim Adams (IIF) Charlie Donovan (Imperial College London) Suren Erkman (University of Lausanne) Thierry Fornas (EcoAct) Ian Goldin (University of Oxford) Moderator: Laurent Clerc (Banque de France)
5:30PM - 6:00PM	Climate change and the precautionary imperative Sarah Bloom Raskin (former Deputy Secretary, United States Treasury; former Governor, Federal Reserve Board)
6:00PM - 6:30PM	Tackling climate change for real: progress and next steps Andrew Bailey (Governor, Bank of England)

4 June

8:30AM - 9:00AM	Special guest speech by Laurent Fabius (former President of COP21 / Paris Agreement)
9:00AM - 10:15AM	Parallel sessions: Panel discussions Panel M. What are the policies currently considered by central banks, regulators and supervisors – and their challenges – to address climate change? Pablo Hernández de Cos (Bank of Spain; BCBS Chair) Thomas Jordan (Swiss National Bank) Sabine Mauderer (Deutsche Bundesbank) Simone Robbers (Reserve Bank of New Zealand) Moderator: Morgan Després (Banque de France) Panel N. How can innovations in market-based approaches using consumer carbon tracing influence consumers' lifestyle choices? Chen Long (Luohan Academy) Brune Poirson (Accor) Massamba Thioye (UNFCCC) Moderator: Benoît Cœuré (BIS) Panel O. Can we provide concrete green investment opportunities for the current abundance of savings? How to structure implied Temperature/1.5-degree Celsius Portfolios? Jean-François Coppenolle (Aviva) Niklas Ekvall (AP4) Marcin Kacperczyk (Imperial College London) Johanna Koeb (Zurich Insurance) Isabelle Mateos y Lago (BlackRock) Moderator: Frédéric Samama (CPR)
10:15AM - 10:30AM	Break
10:30AM - 11:00AM	Special guest speech by Zhou Xiaochuan (President, China Society for Finance and Banking; Vice Chairman, Boao Forum for Asia; former Governor, People's Bank of China)
11:00AM - 12:15PM	Parallel session: Panel discussions Panel P. How can central banks, supervisors and regulators help to mobilise and coordinate with other actors (Treasuries, private sector) in the fight against climate change? Lesetja Kganyago (SARB) Haruhiko Kuroda (Bank of Japan) Ravi Menon (MAS) Eddie Yue (HKMA) Nor Shamsiah Yunus (Bank Negara Malaysia) Moderator: Haizhou Huang (CICC) Panel Q. How are new investments adapting to integrate biodiversity loss risks? How are the impacts of these investment measured? Claudia Kruse (APG Asset Management) Matthieu Maurin (Iceberg Data Lab) Alexandre Rambaud (AgroParisTech-CIRED) Olaf Sleijpen (DNB) Moderator: Irene Heemskerk (DNB) Panel R. How can Development Banks address the massively increased financing needs for green projects? What kind of innovative solutions can be developed? Erik Berglof (AIIB) Ambroise Fayolle (EIB) Anshula Kant (World Bank) Xavier Musca (Crédit Agricole) Nandita Parshad (EBRD) Rémy Rioux (AFD) Moderator: Siddharth Tiwari (BIS)
12:15PM - 12:30PM	Break
12:30PM - 1:00PM	Economic leadership for transformation in a critical decade: managing risks and fostering investment Nicholas Stern (IG Patel Professor of Economics and Government and Chair of the Grantham Research Institute on Climate Change and the Environment, London School of Economics)
1:00PM - 2:45PM	Concluding panel Panel S. Central banks and climate change: how to manage expectations, balance actions and communication and contribute to coordinate with other important actors? Moderator: Gillian Tett (Financial Times) Agustín Carstens (BIS) Christine Lagarde (ECB) Yi Gang (People's Bank of China) Jerome Powell (Federal Reserve Board of Governors) François Villeroy de Galhau (Banque de France; NGFS)
2:45PM - 3:00PM	Main messages of the conference by Luiz A Pereira da Silva (Deputy General Manager, BIS)
3:00PM - 3:30PM	The conference messages in light of the G20 Presidency programme Ignazio Visco (Governor, Bank of Italy; G20 Presidency)