Governor. Green Swan Conference 2024: Impact of climate change on the real economy
2024-11-09 15:15
The Governor of the Banco de España, Pablo Hernández de Cos, participated today in the Green Swan Conference 2024, organized by the Network for Greening the Financial System (NGFS). The conference focused on the impact of climate change on the real economy.
Decarbonization scenarios: major economic uncertainties*
In his speech, Governor Hernández de Cos highlighted the significant uncertainties surrounding decarbonization scenarios and their impact on the real economy.
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First, it is not yet clear how much decarbonization will cost. The costs will depend on the specific technologies used, the pace of adoption, and the availability of natural resources.
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Second, it is not clear how the costs of decarbonization will be distributed across the economy. Some sectors and regions will likely be more affected than others.
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Third, it is not clear how decarbonization will affect economic growth. Some believe that decarbonization will lead to job losses and economic slowdown. Others believe that decarbonization will create new jobs and boost economic growth.
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Financial institutions and climate change: challenges and opportunities
Governor Hernández de Cos also discussed the challenges and opportunities that climate change poses for financial institutions.
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Challenges: Financial institutions are facing a number of challenges in responding to climate change. These challenges include:
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Managing climate risk: Climate change is increasing the frequency and severity of extreme weather events, which can damage property and disrupt businesses. Financial institutions need to develop strategies to manage these risks.
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Financing the transition to a low-carbon economy: The transition to a low-carbon economy will require significant investment. Financial institutions will need to play a key role in providing this financing.
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Opportunities: Climate change also presents a number of opportunities for financial institutions. These opportunities include:
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Developing new products and services: Financial institutions can develop new products and services to help businesses and consumers transition to a low-carbon economy.
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Investing in green infrastructure: Financial institutions can invest in green infrastructure, such as renewable energy projects and energy-efficient buildings.
Conclusion
Governor Hernández de Cos concluded his speech by calling for greater cooperation between the public and private sectors in addressing the challenges and opportunities of climate change.
“Climate change is a global problem that requires a global solution,” Governor Hernández de Cos said. “The public and private sectors must work together to transition to a low-carbon economy and mitigate the risks of climate change.”
Governor. Green Swan Conference 2024: Impact of climate change on the real economy
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