Impact of Climate Risk and Biodiversity Loss on Financial Stability and Monetary Policy Conference

Mise en ligne le 9 Février 2024

Conférences
22 Mai 2024 - 09:00

La Banque de France et Toulouse School of Economics organisent une conférence sur le climat et la biodiversité à Paris les 22 et 23 mai 2024

The conference will take place in person.

Background and Objective:

The Banque de France is delighted to co-organize an engaging conference in collaboration with its long-term partner, TSE. This event not only reflects our mutual dedication to foster close and mutually beneficial relationships through innovative economic research, but it also serves to strengthen the bond between our two institutions.

The objective of this one and a half day conference is to discuss recent contributions to the understanding of climate risk and biodiversity loss and their consequences on financial stability and monetary policy. 

This event will welcome speakers from a wide range of backgrounds, including academics, central banks actors, regulators and representatives of the business sector, to cover the following topics:

Financing the ecological transition 
Nature and financial stability
Climate and financial stability
Macroeconomics modeling of climate change and greenflation
Nature modelling 

Final Program     


Wednesday, May 22, 2024

09:00 – 09:15      Registration and Welcome Coffee

09:15 – 09:30      Welcome address by Emmanuelle ASSOUAN (Banque de France)

SESSION 1: MACROECONOMICS OF BIODIVERSITY
The design of public policies and their impact on supply/demand and biodiversity – Chair: Olivier de BANDT (Banque de France)

09:30-10:20      KEYNOTE on BIODIVERSITY FINANCE
                           Caroline FLAMMER (Columbia)

10:20 – 11.05     Anouch MISSIRIAN (TSE) Christopher COSTELLO (University of California), Olivier                                 DESCHENES (University of California), Gavin McDONALD (University of California),                               Michael MELNYCHUK (University of Washington)
                           Demand vs. Supply Side Preservation Policies: The Case of Ocean Biodiversity and
                           Fisheries

                           Discussant: Anna CRETI (Dauphine)
                                  

11:05 – 11:30      Coffee break

11:30 – 12.20      KEYNOTE on CLIMATE FINANCE
                            Patrick BOLTON (Imperial College London)

12:20 – 13:30      Lunch

SESSION 2: MACROECONOMICS OF CLIMATE CHANGE AND GREENFLATION
Disparities in climate risk exposure, inflation consequences of the ecological transition and insights for macroeconomic modelling – Chair: Stéphane DEES (Banque de France)

13:30 – 14.15      Adrien BILAL (Harvard), and Esteban ROSSI-HANSBERG (University of Chicago)
                            Anticipating Climate Change Across the United States
                           Discussant: Charles SERFATY (Banque de France)

14:15 – 15.00      Jean-Guillaume SAHUC (Banque de France), Frank SMETS (ECB), and Gauthier
                            VERMANDEL (Polytechnique)
                            The New Keynesian Climate Model
                            Discussant: Francesca DILUISO (Bank oh England)

15:00- 15.30       Coffee break

SESSION 3: BANKING REGULATION AND CLIMATE RISK
Climate risks, the role and exposure of financial intermediaries, and consequences for prudential regulation – Chair: Laurent CLERC (Banque de France)

15:30 – 16.15      Martin OEHMKE (LSE), and Marcus M. OPP (Stockholm School of Economics)
                            Green Capital Requirements
                           Discussant: Magdalena ROLA-JANICKA (Imperial)

16:15 – 17.00       Hyejoon JUNG (NY Fed), João A. C. SANTOS (NY Fed) and Lee SELTZER (NY Fed)
                            US Banks’ Exposures to Climate Transition Risks
                            Discussant: Maria LOUMIOTI (University of Texas, Dallas)

17:00 – 18:30      PANEL ON MONETARY POLICY, BIODIVERSITY AND CLIMATE
                            Chair: Alexandre GARABEDIAN (L’Agefi)
                            With the participation of:
                            Maud ABDELLI (WWF)
                            Orith AZOULAY (Natixis)
                            Mathieu LEFEBVRE (Waga Energy, CEO)
                            Olivier GARNIER (Banque de France)
                            Christian GOLLIER (TSE)
                            
                            
                          

19:45 Dinner (upon invitation)


Thursday,May 23, 2024

08:45 – 09:00     Welcome Coffee

09:00 – 09:50     KEYNOTE on the CLIMATE-BIODIVERSITY NEXUS
                            Geoffrey HEAL (Columbia University)

SESSION 4: NATURE AND, THE RISK & VALUE OF FINANCIAL ASSETS
Nature and biodiversity loss and its impact on the pricing and risk of financial assets – Chair: Jean BOISSINOT (ACPR)

09:50 – 10.35     Alexandre GAREL (Audencia Business School), Arthur ROMEC (Toulouse Business
                            School), Zacharias SAUTNER (University of Zurich), and Alexander F. WAGNER
                           (University of Zurich)
                           Do Investors Care About Biodiversity?
                         
 Discussant: Marie BRIERE (Amundi, Dauphine University)

10:35 – 11:00     Coffee break

11:00 – 11.45      Andreas G.F. HOEPNER (University College Dublin), Johannes KLAUSMANN                                          (University of Virginia), Markus LEIPPOLD (University of Zurich), and Jordy                                             RILLAERTS (University of Zurich)
                           Beyond Climate: The Impact of Biodiversity, Water, and Pollution on the CDS Term
                           Structure
                         
 Discussant: Jean-Paul RENNE (HEC Lausanne)

SESSION 5: FINANCING THE ECOLOGICAL TRANSITION
Public finances and the challenge of the energy and ecological transition

11:45 – 12.30      Luigi LOVINO (Bocconi University), Thorsten MARTIN (Frankfurt School of Finance &
                            Management), and Julien SAUVAGNAT (Bocconi University)
                            Corporate Taxation and Carbon Emissions
                           
Discussant: Jean BOISSINOT (ACPR)

12:30 – 13.15      Stéphane DEES (Banque de France), and Caterina SEGHINI (Swiss Finance Institute)
                           The Green Transition and Public Finances
                           
Discussant: Fanny HENRIET (AMSE)

13:15 – 13:30      Concluding Remarks by Christian GOLLIER (TSE)
                            End of the conference

Presentation: 30 minutes for speakers - 10 minutes for discussant and 5 minutes for questions
 

Program

Registration

Organizing Committee: 

Emmanuelle ASSOUAN, Banque de France
Olivier de BANDT, Banque de France
Jean BOISSINOT, Banque de France
Laurent CLERC, ACPR
Fany DECLERCK, TSE
Stéphane DEES, Banque de France
Ulrich HEGE, TSE 

 

Mise à jour le 25 Juillet 2024