Podcasts · Euro Matters – the European Central Bank Podcast
The financial fallout from a warming world
· 23 min
Episode The financial fallout from a warming world
Climate change and nature loss are affecting all aspects of our lives, including our economies. What is the latest research telling us, and what is the cost to the economy? Stefania Secola talks to Executive Board member Frank Elderson and Deputy Director General and researcher Livio Stracca about how rising physical risks will affect our economies.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
This episode was recorded before the tragic floods in Spain.
Published on 1 November.
In this episode:
01:42 Floods, wildfires and droughtsHow do climate change and nature degradation affect our economies? And how high was the economic loss caused by recent extreme weather events ?
05:52 Catastrophe insuranceWhat is it? How many people have it? And what does it mean for our preparedness if disaster were to strike?
06:57 Adapting to a changing economyIt’s clear that our environment is changing. How can we adapt our activities in the face of these changes?
10:05 The Network for Greening the Financial SystemWhat is it, and what does it do? And what does it have to do with central banks and supervisors?
12:32 How do climate change and nature loss affect our economies?How much higher are the expected losses than we previously thought? What’s the latest scientific research telling us?
14:58 Climate messages during the Conference of the Parties (COP) meetingsWhich topics need more attention? And what can we do about it?
19:19 Our guests’ hot tips
Further reading: The impact of climate change and policies on productivity https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op340~0173592e52.en.pdf
Policy options to reduce the climate insurance protection gap https://www.ecb.europa.eu/pub/pdf/other/ecb.policyoptions_EIOPA~c0adae58b7.en.pdf
Managing climate-related risks https://www.ecb.europa.eu/ecb/climate/managing_mitigating_climatel_risk/html/index.en.html
Living in a world of disappearing nature: physical risk and the implications for financial stability https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op333~1b97e436be.en.pdf
What to do about Europe’s climate insurance gap https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog.230424~4cdc3a38ba.en.html
Failing to plan is planning to fail – why transition planning is essential for banks https://www.bankingsupervision.europa.eu/press/blog/2024/html/ssm.blog240123~5471c5f63e.en.html
The climate insurance protection gap https://www.ecb.europa.eu/ecb/climate/climate/html/index.en.html
The Network for Greening the Financial System https://www.ngfs.net/en
Measuring economic losses caused by climate change https://cepr.org/voxeu/columns/measuring-economic-losses-caused-climate-change
“Know thyself” – avoiding policy mistakes in light of the prevailing climate science https://www.bankingsupervision.europa.eu/press/speeches/date/2024/html/ssm.sp240412~c256dc168c.en.html
Hothouse Earth by Gill McGuire https://www.google.com/search?safe=active&sca_esv=0d2d5197637c41d9&rlz=1C1GCEA_enDE1060DE1060&q=hothouse+earth+bill+mcguire&udm=3&fbs=AEQNm0Aa4sjWe7Rqy32pFwRj0UkWd8nbOJfsBGGB5IQQO6L3J_86uWOeqwdnV0yaSF-x2jqw-AzvpDFRWNmLZKilfTrfO0pl9dtT9e2t2elzSdzPviJlaPtdkm_zev73LcACj_Zt3WoLu1loKbhUBQ0BvD6_OC9OERnpW26hAPVqw_fTJrjRkQgEJf5SXlzvVj2JhcxyIvER&sa=X&ved=2ahUKEwi2yfiVobGJAxX6_7sIHZckMjAQs6gLegQIExAB&biw=1280&bih=665&dpr=1.5
Climate Change 2023 Synthesis Report https://www.ipcc.ch/report/ar6/syr/downloads/report/IPCC_AR6_SYR_LongerReport.pdf
Headline statements of the Synthesis Report https://www.ipcc.ch/report/ar6/syr/resources/spm-headline-statements
Climate Change 2023: Synthesis Trailer https://www.youtube.com/watch?v=T9CeECpxtx8
European Central Bank https://www.ecb.europa.eu
European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html
Shows are listed from Apple Podcasts' charts and directory, and Podcast Index where it is used. Every show and episode belongs to its publisher and plays from the publisher's own feed; this site hosts none of them. Explicit shows are for adult profiles only, and children’s profiles hear only children’s shows. More about this list.