Monday, Nov 20, 2023
International Senior Management Workshop on Climate and Biodiversity Loss Risks Proceedings
Joint Statement by the Network for Greening the Financial System and Toronto Centre on the publication of the “International Senior Management Workshop on Climate and Biodiversity Loss Risks Proceedings”
Climate and biodiversity loss poses serious risks to the financial sector. From October 3–5, 2023, the Network for Greening the Financial System (NGFS) and Toronto Centre convened a global workshop for senior management of central banks and supervisory authorities to discuss the implications of climate and biodiversity loss risks to the financial sector.
The workshop explored how international standard setters and national authorities are responding to the impact of climate and biodiversity-related risks on the financial system. Specifically: (i) What are the implications of climate and biodiversity loss for supervisory authorities and central banks? (ii) How should these authorities respond to these risks? (iii) What does this imply for regulation, supervision, and macro-prudential analysis? (iv) What capacity-building is required in this area, and how might it be achieved? and (v) What future work is needed?
Read the proceedings here.
Thomas Beretti, Senior Advisor to the Head of the NGFS Secretariat: “Scaling up the skillset of central banks and supervisors would not be possible without the key role of training providers and training centers, such as Toronto Centre, which I have to say, is among our most prominent NGFS stakeholders in the field. Strengthening the capacity and knowledge of our members in managing risks related to climate and biodiversity loss is a key objective we share.”
Babak Abbaszadeh, President and CEO, Toronto Centre: “Financial systems and the financial supervisory authorities who oversee them have a critical role to play in the adaptation and mitigation of climate and biodiversity loss risks. Toronto Centre strongly values NGFS’ global leadership and we are honoured to be an NGFS capacity-building implementation partner. Much work is still required, and we will be offering this workshop annually, along with our climate change and biodiversity loss risk training programs.”
For more information, please contact:
NGFS Secretariat Toronto Centre
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