Richard Berner, clinical professor of finance at the Stern School of Business, New York University, joins Natalia Ospina, deputy head of reports, OMFIF. They take a deep dive into the climate stress testing methodology that he developed with Nobel Prize in Economics winner Robert Engle and Hyeyoon Jung, financial economist at the Federal Reserve Bank of New York, which gauges the resilience of financial institutions to climate-related risks.
They discuss in detail how climate change could lead to a substantial increase in systemic risks in the banking sector. Financial institutions could find themselves looking to raise $70bn-$90bn, or between 20% to 30% of their equity to restore their prudential capital ratios as a result of climate change.
The OMFIF/KPMG series: Sustainability and stewardship in asset management
US-China relations and global growth
Japan’s outlook post Abenomics
Diving into US investment grade bond markets
DLT and its potential use for CBDC
Ahead of the ECB: short-, medium- and long-term prospects for Europe
Managing the global economic slowdown
Taking the long view: An asset owner’s perspectives
Fed Talk: managing the US’ economic downturn
In conversation with the Ambassador of China to the United Kingdom
The OMFIF/KPMG series: Sustainable infrastructure and the green transition
Digital currency and the new cold war
Designing a sustainable recovery
CBDC is a public good, not a private business case
In Conversation with Bill Dudley: US economic policy and outlook
Central bank gold reserves before and after the Covid-19 shock
Strategic cost transformation in wealth and asset management
Week in review: Flattening the debt curve, IMF's epic battle, and more
The evolving role of Swift in global payment systems
Week in review: Diversity in central banking, fiscal wrangling, and more
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