The Seminar is part of the interinstitutional collaboration agreement between the Financial Stability Institute (FSI) and the Center for Latin American Monetary Studies (CEMLA), whose focus is on technical approaches to prudential topics in financial stability with a regional perspective.

The Seminar on Climate Risk Assessment in the Financial Sector was held in a digital format, on December 8, 10 and 16, 2020. It was jointly organized by the Financial Stability Institute (FSI), the Center for Latin American Monetary Studies (CEMLA), and the Banco Central do Brasil. It was attended by 124 participants from 47 organizations, including Latin American and Caribbean (LAC) central banks, banking supervisory authorities, research centers and private institutions. The seminar aimed at reflecting the increasing relevance in financial risks of climate and environmental phenomena.

The seminar covered topics related to the current landscape of climate and environmental research, to the effects of environmental events and how they are transmitted to financial institutions, and to the international response to climate change. Additionally, participants discussed the response of financial authorities to climate and environmental-related risks, and how they have boiled down into prudential financial supervision. A key conclusion of these discussions is that policy measures have to be implemented with methodologies that capture the complexity of the environment. Participants also highlighted the importance of incorporating climate and environmental-related risks into risk management frameworks used in the private sector, including the perspective of risk managers.

• Climate change and biodiversity loss risks to the financial system
  Opening Speech
  Dr. Manuel Ramos Francia Director General, CEMLA

- Network for Greening the Financial System

- ECB - Guide on climate-related and environmental risks