Climate risks and financial stability
Frank Elderson, Member of the Executive Board, European Central Bank (ECB), Vice-Chair of the Supervisory Board of the ECB and Chairman of the Central Banks and Supervisors Network for Greening the Financial System (NGFS), was keynote speaker.
François-Louis Michaud, Executive Director of the European Banking Authority (EBA), talked about the report on management and supervision of ESG risks in the financial sector that EBA published in June. The report is a proposal on how ESG factors and risks should be included in the regulatory and supervisory framework, such as the capital requirements directive.
Johan Torgeby, President and CEO of Skandinaviska Enskilda Banken (SEB), and the retiring chairman of Swedish Bankers’ Association, gave examples on climate actions in banks, and talked about the threats and possibilities that the transition into a sustainable economy implies to the financial sector.
Moderator Sonja Gibbs, Managing Director and Head of Sustainable Finance, Global Policy Initiatives at the IIF, guided the participants through the discussions.