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.
European response to Covid-19
Worldwide insurance heading for shake-up
Week in review: Merkel and Macron to the rescue, Covid and real estate, and the return of German government borrowing
Global value chains, innovation and international trade
Fixed income in emerging economies
Fed Talk: in conversation with James Bullard
Week in review: ECB-German court battle continues, what's next for inflation, and reviving climate action
The Great Lockdown: Analysing the world economic outlook
Debt restructuring in the post-pandemic economy
The OMFIF/EY Covid response series: stimulus transmission and its financial consequences
The OMFIF/EY Covid response series: Stimulus transmission and the banking sector
Week in review: German constitutional court v ECB, the dollar-renminbi conundrum, and OMFIF's Digital Monetary Institute
Week in review: Central bank independence, how to escape a recession, and demystifying debt
Dollar hegemony and the future of the renminbi
Bank of England communications: Engaging, educating and building trust
Global Financial Stability Overview: Markets in the time of COVID-19
Week in review: Libra update, digital helicopter money, SME rescue packages, and more
Covid-19 and emerging markets: Avoiding a sovereign debt crisis
Risk and Opportunities in nature capital
What Covid-19 means for financial stability
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