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Panel: Towards a financial system that serves climate objectives?

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Clubraum, LC 2.400, Wirtschaftsuniversität Wien

1 Welthandelsplatz

Clubraum, LC 2.400

1020 Wien

Austria

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Join a high-level panel to dicuss how financial regulators can steer the financial system to work for the environment.

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Towards a financial system that serves climate objectives?

“Climate-related risks are a source of financial risk”

High time for central banks and other financial policymakers to organize themselves around this issue: The Network for Greening the Financial System (NGFS) aims to gear the financial system towards serving the environment, rather than harming it. Numerous other initiatives have sprung up, evidencing the growing consciousness among regulators that a changing climate and shifting policies hold considerable risks, not solely for carbon intensive industries. Likewise, the financial industry is increasingly aware that climate risks are a threat to business. However, by most measures we are still far from being on a sustainable path.

But how could financial policymakers ensure a timely low-carbon transition while preserving economic prosperity? How will the responsibilities, costs and benefits be distributed? Will the private financial system align to societal objectives?

We invite you to discuss these questions with our distinguished panel

When: Tuesday, October 22nd, 18:00-20:00

Where: Clubraum, Library Center [LC 2.400], Wirtschaftsuniversität, Welthandelsplatz 1.

  • Josh Ryan-Collins, Head of Research, Institute for Innovation and Public Purpose, UCL
  • Irene Monasterolo, Assistant Professor, Institute for Ecological Economics, WU
  • Wolfgang Pointner, Advisor, Austrian National Bank (OeNB)
  • Michaela Seelig, Director of Sustainable Finance, Federal Austrian Ministry for Sustainability and Tourism

Emanuele Campiglio, Assistant Professor at the WU Institute for Ecological Economics, will chair the event. Our panel will react to a statement by our guest Josh Ryan-Collins, before we open up the floor to audience questions.

The event is free of charge. Please register for this event. In case of questions, email Adrian von Jagow: adrian.jagow@wu.ac.at.

The Panelists

Josh is Head of Research at the UCL Insitute for Innovation and Public Purpose and is an economist with interests in finance and banking, land and housing, economic rent and climate change. He authored or co-authored three books Where Does Money Come From? (2011, New Economics Foundation); Rethinking the Economics of Land and Housing (2017, Zed books); and Why Can’t you Afford a Home (2018, Polity).

He has published in leading academic journals including Nature Climate Change, the British Journal of Sociology and the International Journal of Finance, Money, Institutions and Markets. Previously, Josh was Senior Economist and Head of the Finance program with the New Economics Foundation (NEF).

Irene Monasterolo is an Assistant Professor of Climate Economics and Finance at the Institute for Ecological Economics, Vienna University of Economics and Business. She is research fellow at Universita’ Milano Bicocca (Cefes) and was visiting scholar at Stanford University. Irene holds a Ph.D. in Economics and Statistics from the University of Bologna (IT), and two post-doctoral experiences in Cambridge (UK) and Boston University (USA).

Irene’s research focuses on pricing forward-looking climate risk and opportunities in the value of financial contracts and in investors’ portfolios. She has developed a methodological approach for climate risk assessment and management under uncertainty. Her research has been published on top tier academic journals, such as Nature Climate Change. She has previously worked with central banks, financial regulators, development finance institutions and the European Commission Community of Practice on Sustainable Finance.

Wolfgang Pointner studied economics at the University of Vienna and joined the Austrian central bank in 2001. After several years as research economist with a focus on labour economics and wage dynamics, he represented the bank in its Brussels office at the Permanent Representation of Austria to the EU.

From 2011 until 2014 he worked for the European Commission on the assistance programme for Ireland. Starting in May 2014, he held several cabinet posts in the Austrian ministry of finance and the Federal Chancellery, ending in 2017 as economic advisor to the chancellor. Since 2018, he is back at the central bank and works on corporate finance and financial stability risks of climate change.

Michaela Seelig is director for sustainable finance and regional economic policy at Austria's federal ministry for sustainability and tourism (BMNT). Previously she worked as a Sustainability and Climate Change Specialist at the InterAmerican Development Bank in Washington, D.C.

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Clubraum, LC 2.400, Wirtschaftsuniversität Wien

1 Welthandelsplatz

Clubraum, LC 2.400

1020 Wien

Austria

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