To limit glo­bal war­ming, a pro­found trans­for­ma­ti­on of ener­gy, pro­duc­tion and con­sump­ti­on in our eco­no­mies is requi­red. The sca­le of the trans­for­ma­ti­on means that the finan­cial sys­tem must have a proac­ti­ve role. New green invest­ments are nee­ded, as well as a real­lo­ca­ti­on of capi­tal from high to low-car­bon acti­vi­ties. The Cen­tral Banks and Super­vi­sors Net­work for Gree­ning the Finan­cial Sys­tem (NGFS), of which the Swiss Natio­nal Bank is a mem­ber, was recent­ly estab­lis­hed with the aim of bet­ter under­stan­ding and mana­ging the finan­cial risks of cli­ma­te chan­ge. The cli­ma­te miti­ga­ti­on sce­n­a­ri­os deve­lo­ped by the NGFS in col­la­bo­ra­ti­on with the Inter­go­vern­men­tal Panel on Cli­ma­te Chan­ge of the United Nati­ons (IPCC) have been a major step in pro­vi­ding finan­cial actors with for­ward loo­king views on how low and high-car­bon eco­no­mic acti­vi­ties could evol­ve over the next deca­des. Howe­ver, at this sta­ge, the­se sce­n­a­ri­os are based on lar­ge-sca­le Inte­gra­ted Assess­ment Models (IAMs) that do not take into account the dyna­mic natu­re of the finan­cial sys­tem and its actors. “We need to con­si­der how the risk per­cep­ti­on of the finan­cial sys­tem from the sce­n­a­ri­os can chan­ge the sce­n­a­ri­os them­sel­ves,” exp­lains Ste­fa­no Bat­tis­ton, pro­fes­sor at the Depart­ment of Ban­king and Finan­ce at the Uni­ver­si­ty of Zurich. …

Quel­le /​ Link: Mis­sing Role of Finan­ce in Cli­ma­te Miti­ga­ti­on Scenarios

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