Available in
English
La Banca Central y los Riesgos Financieros Relacionados con el Clima
Diciembre 11 - 13, 2023
Formato híbrido
CEMLA, Magyar Nemzeti Bank
El curso fue organizado por CEMLA, UNEP-FI, EUROCLIMA y la Escuela de Banca y Finanzas de Florencia y se llevó a cabo en formato presencial en la Ciudad de México, México del 11 al 13 de diciembre de 2023. El total de asistentes fue 33 representantes de 13 instituciones y asociados del CEMLA, en representación de 12 países latinoamericanos.
El curso de formación familiarizó a los participantes con la definición de riesgos relacionados con el clima y sus interrelaciones con los riesgos financieros como se pretendía tradicionalmente. También se exploró el impacto del cambio climático en el precio y el valor de los activos (y posteriormente en los balances de los bancos), así como en el contexto macroeconómico más amplio. Al mismo tiempo, el curso destacó los desafíos de cuantificar estos riesgos y los posibles enfoques para hacerlo. Y toca las herramientas recientemente diseñadas y aplicadas, como las pruebas de estrés y el análisis de escenarios. Al basarse en ejemplos e ilustraciones acreditados de diversas jurisdicciones a nivel mundial, impulsó a los participantes a reflexionar críticamente sobre las formas de repensar las herramientas analíticas de los bancos centrales para abordar los riesgos y las implicaciones para la estabilidad financiera que surgen del cambio climático.
Las sesiones cubrieron una instantánea de los riesgos financieros relacionados con el clima y profundizaron en herramientas seleccionadas para abordar los riesgos climáticos, como las pruebas de estrés climático en las instituciones políticas, las implicaciones sistémicas de los riesgos relacionados con el clima y las posibles opciones de políticas: colchones de riesgo, índices de apalancamiento, colchones de capital anticíclicos en poder de Irene Monasterolo de la Facultad de Economía de la Universidad de Utrecht y Katarzyna Budnik de la División de Modelización de Pruebas de Estrés del Banco Central Europeo. Además, los participantes tuvieron la oportunidad de aprender cómo incorporar objetivos climáticos dentro de los mandatos de los bancos centrales: objetivos "primarios" frente a objetivos "secundarios", tareas de política monetaria y no monetaria, sesión celebrada por Agnieszka Smoleńska, profesora asistente en el Instituto de Estudios Jurídicos de la Academia Polaca de Ciencias. Y en última instancia tuvieron una visión general y una comparación de los instrumentos financieros sostenibles (bonos y préstamos verdes, sociales y vinculados a la sostenibilidad, titulización), a cargo de Federica Agostini, investigadora asociada en la Escuela de Banca y Finanzas de Florencia.
Federica Agostini
Federica Agostini is a Research Associate at the Florence School of Banking and Finance. She is also in the final stages of completing her PhD at the University of Glasgow School of Law, where her doctoral research investigates the role of law in supporting sustainability objectives through financial transactions, notably securitisations. Federica also holds a Master of Laws in Corporate and Financial Law (with dis- tinction) from the University of Glasgow as well as a combined Bachelor and Master Degree in Law (cum laude), with specialisation in EU and comparative law, from the University of Trento.
Before joining the EUI, Federica has served as a Research and Teaching Associate at the University of Glasgow, actively participating in research projects on the intersection between law and sustainable finance. She has also worked at the Italian National Central Bank and acted as a consultant for the European Bank for Reconstruction and Development on the design of policy products to advance green finance. As part of her role at the EUI, Federica contributes to several teaching and training activities in the area of sustainable finance, climate risks and green bonds, including in the con- text of the partnership with the European Central Bank. Her research focusses on the nexus between law, financial markets and sustainability goals, corporate governance as well as EU financial regulation.
Katarzyna Budnik
Katarzyna Budnik is currently an Adviser in the Stress Test Modelling Division at the European Central Bank. She is responsible for macroprudential stress test and policy assessment. She joined the European Central Bank in 2010 and has worked in different areas of Financial Stability and Economics. Prior to moving to the European Central Bank she was heading the Forecasting Division at the National Bank of Poland. She received her PhD degree (Econ) with honors from the Warsaw School of Economics. Her research interests include macroprudential and monetary policies, banking, macroeconomic modelling and labour markets.
Irene Monasterolo
Irene Monasterolo is Professor of Climate Finance at Utrecht University’s School of Economics, and has a PhD in Economics and Statistics from the University of Bologna (IT).
Irene’s research contributes to analyse the role of finance in climate change mitigation and adaptation. To this aim, Irene developed new metrics and methods to assess the macro-financial criticality of climate risks, which have been published in top journals including Science and Nature Climate Change, and applied by financial decision makers. In 2017 Irene published the climate stress test of the financial system that introduced the first framework to translate climate scenarios into adjustment in financial valuatio n and risk metrics for investors. The climate stress test includes the Climate Policy Relevant Sectors (CPRS), a science-based classification of activities’ exposure to transition risk applied by several financial supervisors. Irene has also co-developed the EIRIN Stock-Flow Consistent macro-financial model to analyse the impacts of climate physical and transition risks in the economy and finance, and of green finance policies (e.g. monetary, macroprudential, etc.) on the low-carbon transition. EIRIN has been applied by the World Bank to assess compound climate and pandemics risks, and by the European Central Bank (ECB) to assess the double materiality of climate risks in the euro area. Irene has collaborated with leading financial institutions, including the World Bank, the ECB, the European Insurance and Occupational and Pension Authority, the European Banking Authority, the Monetary Authority of Singapore, the European Stability Mechanism on climate financial risk disclosure and risk assessment. Irene is associate editor at Ecological Economics, and fellow at the Institute Louis Bachelier and at SUERF.
Agnieszka Smoleńska
Dr Agnieszka Smoleńska is an assistant professor at the Institute of Law Studies of the Polish Academy of Sciences, where she leads a three-year NCN grant-funded research project “The EU’s sustainability capitalism: identifying the varieties of financial markets transition”. She is part of numerous international research networks on green finance, including the EBI’s Working Group on Finance, Climate Change and Sustainability. Dr Smoleńska has over 12 years of professional experience in EU and international policy, including at the European Parliament, European Commission, the Florence School of Banking and Regulation (FBF) and as the head of the European desk of the analytical centre Polityka Insight. Her research interest span EU economic governance, banking regulation and sustainability transformation.