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Climate change as a source of risk in the financial sector

100%
Kotecki L.
Bezpieczny Bank
|
2019
|
vol. 77
|
issue 4
63-80
EN
The article addresses new risks in the financial sector connected with climate change. With greenhouse gas emissions, temperatures will continue to rise and thus increase the financial risk arising from the physical consequences of climate change. The prevention of such consequences will increase the financial risk of the transition to a low-carbon economy, and will lead to changes in business models, to the phenomenon of stranded assets, etc. At the same time, the growing awareness of the need to prevent further climate change and to adapt to the changes already happening intensifies the pressure of various entities and environments on the financial sector to become involved in such activities, and to run its business responsibly and in accordance with the sustainable development concept. All this opens the financial sector to new risks (in addition to the physical risk and the transition risk), in the management of which it has no experience. Both the hedging and especially the materialisation of such risks will affect the stability of the financial sector. Moreover, such new conditions in the functioning of the financial sector, caused by climate change, generate new obligations and challenges for regulators and financial supervisors.
2
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Zrównoważone banki? Czynniki ESG w unijnych regulacjach mikroostrożnościowych

100%
Smoleńska A. P.
Studia BAS
|
2023
|
issue 2(74)
67-88
EN
The financial sector is highly affected by the spectre of climate change and other sustainability-related factors, as recognised by various global and EU policies. The 2015 Paris Agreement enshrines the signatories’ goal to make “finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.” The European Union, since the European Commission’s 2018 Sustainable Finance Action Plan, has introduced an array of regulations intended to facilitate private investment in transition as well as to include ESG risk management in the prudential regulation. The article tracks and analyses the latter interventions with view to assess their coherence and to identify the potential long-term effects, in the context of the persistent barriers to the development of the Polish sustainable finance sector.
3
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Potencjalny wpływ celów i ryzyk klimatycznych na prowadzenie polityki pieniężnej i działalność banku centralnego

100%
Kotecki L.
Studia BAS
|
2023
|
issue 2(74)
25-41
EN
The article reviews potential channels of impact of climate change on monetary policy and central bank operations. The issue of climate change is increasingly becoming the focus of central banks. The article begins with the discussion on the consistency of central banks’ mandates and a potential role of central banks in climate policy. The second section concentrates on risks climate change poses to the effectiveness of central bank action and operations. Then it reviews options for the central bank to engage in the fight against climate change. Finally, the determinants of this engagement are presented. The author argues that some intellectual progress has been made in central banks in terms of adjusting their operating framework, but many gaps still exist and much more analytical work is needed.
4

The Economic Impact of Climate Change in Italy

84%
Fragomeni F., Rizzo R.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2019
|
issue 4(982)
95-109
EN
Objective: In addition to being a threat to human health and life, climate change is an economic threat. The objectives of this article are to reflect on the consequences of global warming on Italian economic dynamics and to report on the costs and benefits of adapting strategies in a specific area at risk in Italy, particularly coastal erosion/flooding. Research Design & Methods: The article places particular emphasis on the analysis of the situation in this area to be used for proper economic evaluation. Findings: While the climate change does not end at level of the economy, reflecting on prospective economic losses can help to understand climate risks. The research is limited by a lack of analysis involving other coastal areas at risk in Italy. Implications / Recommendations: The strategies adapted in these areas at risk pose new interesting questions about the climate risks. Contribution: The study examines global warming and highlights the strategy of adaptation as a process for reducing our vulnerability to the harmful effects of climate change.
PL
Cel: Zmiany klimatu niosą ze sobą zagrożenie dla zdrowia i życia ludzi, jak również zagrożenia ekonomiczne. Celem artykułu jest omówienie wpływu konsekwencji globalnego ocieplenia na dynamikę gospodarki Włoch oraz wskazanie kosztów i korzyści, które wynikają z formułowania strategii adaptacji do zmian klimatu na konkretnym obszarze, zagrożonym szczególnie erozją brzegu morskiego i powodziami. Metodyka badań: W artykule skupiono się głównie na analizie sytuacji tego zagrożonego obszaru, który stanowi podstawę przeprowadzonej oceny ekonomicznej. Wyniki badań: Mimo że skutki zmian klimatu nie dotyczą tylko gospodarki, rozważenie potencjalnych strat ekonomicznych może pomóc w zrozumieniu istoty i znaczenia zagrożeń zmian klimatu. Ograniczeniem badań był brak analizy obejmującej inne zagrożone obszary przybrzeżne we Włoszech. Wnioski: Strategie zaadaptowane w omawianych obszarach zagrożonych stanowią punkt wyjścia do formułowania nowych interesujących pytań dotyczących zagrożeń klimatycznych. Wkład w rozwój dyscypliny: Opracowanie zawiera rozważania dotyczące globalnego ocieplenia, podkreślono szczególnie znaczenie strategii adaptacyjnej jako procesu, który zmniejsza naszą podatność na szkodliwe skutki zmian klimatu.
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