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Climate-related financial risks as a threat to financial stability
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O conceito de ‘Finanças Verdes’ surgiu como uma resposta à necessidade de
compatibilizar a economia global com os esforços para combater as alterações
climáticas e assim, prosseguir um desenvolvimento ambientalmente sustentável.
Para o sistema financeiro, esta abordagem implica tratar dos riscos financeiros
relacionados com o clima, que resultam dos impactos adversos das alterações
climáticas, assim como das externalidades negativas decorrentes da transição
para uma economia neutra na emissão de carbono. No entanto, os bancos
centrais e os quadros regulamentares existentes negligenciaram até então estas
fontes de risco, resultando numa ausência de informação financeira e nãofinanceira relativa à exposição dos bancos a riscos climáticos e numa potencial
falta de credibilidade em produtos financeiros verdes e sustentáveis.
Esta pesquisa visa definir, caracterizar e analisar os riscos financeiros
relacionados com o clima no sector bancário, incluindo os desafios de adaptação
das carteiras de empréstimos aos fatores de transmissão micro e
macroeconómicos de riscos físicos e transitórios. Em particular, centra-se no
papel da regulação e supervisão financeira, bem como dos bancos centrais no
panorama internacional e, em particular, da União Europeia, a fim de assegurar
um sistema financeiro sólido e estável face aos crescentes impactos adversos
das alterações climáticas, nomeadamente na transformação dos fundamentos
económicos e na mudança das preferências dos consumidores em direção a
uma economia sustentável. Esse papel poderá implicar um alargamento dos
mandatos dos supervisores financeiros e dos bancos centrais a fim de
considerarem fatores de sustentabilidade nas suas tomadas de decisão.
Seguindo uma abordagem tradicional baseada no risco, analisam-se os
principais instrumentos micro e macroprudenciais à luz dos três pilares dos
Acordos de Basileia, bem como possíveis alterações à política monetária e aos
seus instrumentos financeiros tradicionais.
The concept of "Green Finance" emerged as a response to the need of aligning the global economy with the efforts to fight climate change and thus, pursuing an environmentally sustainable development. For the financial system, this includes addressing climate-related financial risks, which arise from the adverse impacts of climate change, and the negative externalities of the transition to a carbonneutral economy. However, central banks and the existing regulatory frameworks have traditionally neglected these sources of risk, resulting in a lack of financial and non-financial information on banks' exposure to climate risks and a lack of trust in green and sustainable financial products. This research aims to define, characterise and analyse climate-related financial risks in the banking sector, including the challenges in adapting lending portfolios to physical and transitional micro and macroeconomic transmission channels. In particular, it focuses on the role of financial regulation and supervision, as well as central banks, in the international landscape (especially in the context of the European Union) to ensure a sound and stable financial system in light of the rising negative effects of climate change, the changing economic fundamentals, and shifting consumer preferences towards a sustainable economy. Furthermore, supervisors and central banks may be persuaded to prioritise sustainability factors in their decision-making processes, which may entail an extension of their mandates. Using a traditional risk-based approach, key micro and macroprudential instruments are analysed in the light of the three pillars of the Basel Accords, as well as possible changes to monetary policy and its traditional financial instruments.
The concept of "Green Finance" emerged as a response to the need of aligning the global economy with the efforts to fight climate change and thus, pursuing an environmentally sustainable development. For the financial system, this includes addressing climate-related financial risks, which arise from the adverse impacts of climate change, and the negative externalities of the transition to a carbonneutral economy. However, central banks and the existing regulatory frameworks have traditionally neglected these sources of risk, resulting in a lack of financial and non-financial information on banks' exposure to climate risks and a lack of trust in green and sustainable financial products. This research aims to define, characterise and analyse climate-related financial risks in the banking sector, including the challenges in adapting lending portfolios to physical and transitional micro and macroeconomic transmission channels. In particular, it focuses on the role of financial regulation and supervision, as well as central banks, in the international landscape (especially in the context of the European Union) to ensure a sound and stable financial system in light of the rising negative effects of climate change, the changing economic fundamentals, and shifting consumer preferences towards a sustainable economy. Furthermore, supervisors and central banks may be persuaded to prioritise sustainability factors in their decision-making processes, which may entail an extension of their mandates. Using a traditional risk-based approach, key micro and macroprudential instruments are analysed in the light of the three pillars of the Basel Accords, as well as possible changes to monetary policy and its traditional financial instruments.
Descrição
Palavras-chave
Climate risk Banking system Climate financial policy Financial regulation Financial Supervision Microprudential regulation Macroprudential regulation Differentiated capital requirements climate disclosure requirements Climate due diligence Central Banking Monetary Policy Risco climático Sistema bancário Política financeira climática Regulação financeira Supervisão financeira Regras prudenciais Regulação macroprudencial Requisitos de capital diferenciados Requisitos de divulgação de informação climática; Dever de identificação e diligência climática Banco central Política monetária