This post is the latest in our special issue: “Climate Change and Financial Markets – Risk, Regulation, and Innovation.” To learn more about the special issue and the work of the Global Financial Markets Center around climate change and financial markets, please read the special issue’s introduction here. And to review all The FinReg Blog… Read More »
This post is the latest in our special issue: “Climate Change and Financial Markets – Risk, Regulation, and Innovation.” To learn more about the special issue and the work of the Global Financial Markets Center around climate change and financial markets, please read the special issue’s introduction here. And to review all The FinReg Blog… Read More »
Introduction In August 2019, 181 members of the Business Roundtable, a nonprofit association whose members are chief executive officers of major U.S. companies, signed a “Statement on the Purpose of a Corporation,” which represents a rebuke from a strong shareholder orientation towards a more modern stakeholder capitalism. Two of the five pillars described in the… Read More »
Courtesy of Peter Iliev and Lukas Roth Climate change and providing equal opportunities are some of the biggest challenges the world faces in achieving a better and more sustainable future for all. In recent years, firms’ environmental and social sustainability policies have moved into the spotlight. Policymakers, investors, and special interest groups push firms to… Read More »
Courtesy of Mete Feridun As the COVID-19 pandemic continues to threaten the global economy and financial markets, the global banking sector is approaching a tipping point for changing its overall culture and behaviour towards a more responsible banking model. This is because it is increasingly clear that recovery from the COVID-19 crisis will take longer… Read More »
Courtesy of Mete Feridun Recently, the Bank for International Settlements (BIS) coined the term “green swan” to refer to the tail risks posed by climate change to financial stability. Although inspired by Nassim Nicholas Taleb’s “black swan,” the moniker of unexpected risks, the BIS argues that the green swan is hardly similar to the black… Read More »
Courtesy of Lawrence Baxter, Mercy B. DeMenno, Lee Reiners, and Joe Smith The following letter was submitted by the Global Financial Markets Center on May 9, 2020, to the Commodity Futures Trading Commission (CFTC) in response to the CFTC’s request for public comment on topics and issues being addressed by the Climate-Related Market Risk Subcommittee… Read More »
Courtesy of Joseph Smith Can the current health crisis teach us about the looming environmental one? I think so, particularly as a study of horizons in both time and space. While there is consensus among experts that climate change is real and its potential impact catastrophic or worse, there is also consensus that the worst-case… Read More »
Courtesy of Sarah Bloom Raskin On Thursday, March 12, 2020, the Senate Democrats’ Special Committee on the Climate Crisis had a hearing on “The Economic Risks of Climate Change.” One of the witnesses, Sarah Bloom Raskin, provided the following testimony: Chairman Schatz and members of the Committee, thank you for inviting me here to… Read More »
Courtesy of Graham Steele Introduction Today, the Senate Select Committee on the Climate Crisis has convened a hearing about the potential financial risks from climate change. This hearing is the culmination of years of expert warnings about the risks of a growing carbon bubble that, like other asset bubbles, could result in stranded assets and… Read More »
