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2024 | OriginalPaper | Buchkapitel

When Climate Change Knocks on the Finance Minister’s Door

verfasst von : Paulo Alves Pardal

Erschienen in: Sustainable Finances and the Law

Verlag: Springer Nature Switzerland

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Abstract

Traditionally, the management of climate change issues has been the responsibility of environment ministers. However, due to its cross-cutting nature to international commitments and its growing impact on the economy and fiscal governance, finance ministers are called upon to play a key role in this matter. Indeed, finance ministers can no longer ignore the dangers that climate change poses to the real economy, financial stability, and public finance.

Climate-related risks—both physical climate risks and climate transition risks—can affect public finance through both microeconomic and macroeconomic transmission channels. Indeed, climate-related risks could cause direct and indirect fiscal impacts thereby deteriorating public finance.

Due to the effects of climate change, the government, and in particular the finance minister, may be called upon to play a kind of “lender of last resort” or, more precisely, the role of “insurer or bailout provider of last resort” for families, companies or even financial institutions.

Despite some uncertainties, geographical heterogeneity, and different legal systems, there is a strong likelihood that, to a greater or lesser extent, climate change will increasingly pose a challenge to public finance in the various jurisdictions.

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Vorheriges Kapitel The Economics of Adaptation to Climate Change and Its Main Challenges

Nächstes Kapitel The Climate Dimension of Fiscal Policy Sustainability: Best Practices in Green Budgeting and Lessons for Portugal

The Intergovernmental Panel on Climate Change (IPCC) was created in 1988 by the World Meteorological Organization (WMO) and the United Nations Environment Program (UNEP) having been endorsed by United Nations General Assembly as outlined in UN General Assembly Resolution 43/53 of 6 December 1988.

IPCC - Intergovernmental Panel on Climate Change (2021), e.g., Summary for Policymakers and Chap. 5

WMO - World Meteorological Organization (2022).

IPCC (2021) e.g., Chap. 1.

IPCC (2021) e.g., Summary for Policymakers, Chapters 1 and 3.

Zalasiewicz et al. (2008).

Summerhayes and Zalasiewicz (2018), pp. 194–200; Roka (2019).

Roka (2019).

Summerhayes and Zalasiewicz (2018).

ISDR – International Strategy for Disaster Reduction (2008) and NOAA - National Oceanic and Atmospheric Administration (2016).

The National Oceanic and Atmospheric Administration (NOAA) is an American Agency created in 1970 but with antecedents that go back to 1870 (when the agencies dedicated to the physical and atmospheric sciences were founded by President Jefferson, namely the Weather Bureau and the Survey of the Coast office). The NOAA’s mission is to provide daily weather forecasts, severe storm warnings, climate monitoring for fisheries management, coastal restoration, and support for maritime trade https://www.noaa.gov/.

Chenet (2019).

UNEP-FI - United Nations Environment Programme Finance Initiative (2022).

Battersby et al. (2021).

UNEP, Green Economy (2010).

The Network for Greening the Financial System (NGFS) is a network of central banks and financial supervisors that was created in 2017 and has more than one hundred members. According to its charter (Article 1). The Central Banks and Supervisors Network for Greening the Financial System (NGFS) is a group of Central Banks and prudential supervisory authorities willing, on a voluntary basis, to exchange experiences, share best practices, contribute to the development of environment and climate risk management in the financial sector, and to mobilise mainstream finance to support the transition toward a sustainable economy. Its purpose is to define, promote and contribute to the development of best practices to be implemented within and outside of the Membership of the NGFS and to conduct or commission analytical work on green finance (https://www.ngfs.net/en/).

NGFS - Network for Greening the Financial System (2019).

The Task Force on Climate-related Financial Disclosures (TCFD) was created by the Financial Stability Board (FSB) in December 2015 in order to develop voluntary and consistent disclosures of climate-related financial risks for use by companies in providing information to creditors, insurers, investors, and other stakeholders https://assets.bbhub.io/company/sites/60/2015/12/12-4-2015-Climate-change-task-force-press-release.pdf.

TCFD - Task Force on Climate-Related Financial Disclosures (2016).

TCFD - Task Force on Climate-Related Financial Disclosures (2017).

Lenton et al. (2019), pp. 592–595.

Connell et al. (2020).

Åberg and Jeffs (2022).

Spinaci (2021).

BCBS - Basel Committee on Banking Supervision (2021a); OECD (2021), Chap. 3.

OECD (2021), Chap. 1.

Connell et al. (2020).

BCBS - Basel Committee on Banking Supervision (2021a, 2021b); OECD (2021), Chap. 3.

OECD (2021) Chap. 1.

Schäfer et al. (2021).

UNEP, Green Economy (2010).

Rudebusch (2021).

NGFS - Network for Greening the Financial System (2022a).

Spinaci (2021).

NGFS (2019).

Dunz and Power (2021).

NGFS (2022a).

OECD - Organisation for Economic Co-operation and Development (2015).

OECD (2015).

OECD - Organisation for Economic Co-operation and Development (2017).

OECD (2017).

UNDRR - United Nations Office for Disaster Risk Reduction (2015).

UNDRR (2015).

Wolfrom and Yokoi-Arai (2016).

OECD (2015).

G20/OECD (2012).

OECD (2015).

Radu (2022).

World Bank, GFDRR (2013).

OECD - Organisation for Economic Co-operation and Development (2021).

Rudebusch (2021).

OECD (2021), Chap. 1.

Kalkuhl and Wenz (2020).

UNEP-FI (2022).

IAIS - International Association of Insurance Supervisors (2021).

The International Association of Insurance Supervisors (IAIS) was established in 1994 and is an international organization of insurance supervisors and regulators. https://www.iaisweb.org/.

Dunz and Power (2021).

OECD (2021), Chap. 1.

NGFS - Network for Greening the Financial System (2020b).

NGFS (2020b).

NGFS - Network for Greening the Financial System (2019, 2020a, 2022a, b).

The Financial Stability Board (FSB) is an international body that was established in 2009 and performs the functions of monitoring and making recommendations about the global financial system. With regard to climate risks, the FSB plays a coordinating role in dealing with climate-related financial risks. https://www.fsb.org/work-of-the-fsb/financial-innovation-and-structural-change/climate-related-risks/.

FSB - Financial Stability Board (2022).

BCBS - Basel Committee on Banking Supervision (2021a, b).

BCBS - Basel Committee on Banking Supervision (2021a), p. 10.

BCBS - Basel Committee on Banking Supervision (2021a).

The Coalition of Finance Ministers for Climate Action has existed since 2019 and brings together fiscal and economic policymakers from several dozen countries to lead the global climate response and ensure a just transition to low-carbon resilient development- The Coalition of Finance Ministers for Climate Action (2022).

Dunz and Power (2021).

Volz et al. (2020).

Pigato et al. (2019).

NGFS - Network for Greening the Financial System (2020b).

NGFS - Network for Greening the Financial System (2020a).

NGFS - Network for Greening the Financial System (2020b).

BCBS - Basel Committee on Banking Supervision (2021a, b).

Dunz and Power (2021).

BCBS (2021a).

Volz et al. (2020).

Dunz and Power (2021).

OECD - Organisation for Economic Co-operation and Development (2015), Chap. 2.

WHO - World Health Organization (2022).

UNDP et al. (2016).

UNDP, et al. (2016).

ILO - International Labour Office. (2011).

OECD (2022).

OECD - Organisation for Economic Co-operation and Development (2021), Chap. 3.

BCBS - Basel Committee on Banking Supervision (2021a).

Volz et al. (2020).

ISDR (2008).

Feyen et al. (2020).

OECD - Organisation for Economic Co-operation and Development (2021).

100

Dunz and Power (2021).

101

BCBS - Basel Committee on Banking Supervision (2021a).

102

FAO - Food and Agriculture Organization of the United Nations (2021).

103

ISDR (2008).

104

ISDR (2008).

105

BCBS - Basel Committee on Banking Supervision (2021a) and Dunz and Power (2021).

106

Gundlach (2020), pp. 94–97; BCBS - Basel Committee on Banking Supervision (2021a).

107

Volz et al. (2020).

108

ECB – European Central Bank (2019), p. 132.

109

Darvas et al. (2020).

110

ECB – European Central Bank (2022).

111

Feyen et al. (2020).

112

BCBS - Basel Committee on Banking Supervision (2021a).

Feyen et al. (2020).

Feyen et al. (2020).

Feyen et al. (2020).

BCBS - Basel Committee on Banking Supervision (2021a).

117

BCBS - Basel Committee on Banking Supervision (2021a).

118

BCBS - Basel Committee on Banking Supervision (2021a).

119

Feyen et al. (2020).

120

OECD - Organisation for Economic Co-operation and Development (2022), Chap. 5.

121

Feyen et al. (2020).

122

Volz et al. (2020), Chap. 3.

123

OECD - Organisation for Economic Co-operation and Development (2022), Chap. 3.

124

OECD - Organisation for Economic Co-operation and Development (2023).

125

OECD - Organisation for Economic Co-operation and Development (2022), Chap. 3.

126

OECD - Organisation for Economic Co-operation and Development (2014) and OECD - Organisation for Economic Co-operation and Development (2018).

127

Financial Accountability Office of Ontario (2021).

128

OMB - Office of Management and Budget (2016).

129

OMB - Office of Management and Budget (2016).

130

Gonguet et al. (2021).

Batten (2018).

Batten (2018).

Batten (2018).

Batten (2018).

NGFS - Network for Greening the Financial System (2020b).

136

Feyen et al. (2020).

137

Feyen et al. (2020).

138

BCBS - Basel Committee on Banking Supervision (2021a).

139

OECD - Organisation for Economic Co-operation and Development (2021), Chap. 5.

140

Feyen et al. (2020).

141

Andersson et al. (2020). Climate change and the macro economy, ECB Occasional Paper Series No 243/June 2020. https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op243~2ce3c7c4e1.en.pdf.

142

According to the OECD report, under the title Building Financial Resilience to Climate Impacts – a Framework for Governments to manage the risks of losses and damages, it is important to distinguish between economic losses and damages whereby it is emphasized in this report that, while damages refer to the physical assets that are totally or partially destroyed in the affected areas that are measured in physical units (e.g., the number of damaged houses, roads, crops, and land) and assigned monetary values based on replacement costs according to prices prevailing just before the event, losses refer to changes in economic flows arising from an event from the date of its occurrence until full economic recovery and reconstruction (including the decline in output in productive sectors such as agriculture, industry, and services) OECD - Organisation for Economic Co-operation and Development (2022).

143

OECD - Organisation for Economic Co-operation and Development (2021), Chap. 5.

144

OECD - Organisation for Economic Co-operation and Development (2021).

145

OECD - Organisation for Economic Co-operation and Development (2021), Chap. 5.

146

OECD - Organisation for Economic Co-operation and Development (2021).

147

OECD - Organisation for Economic Co-operation and Development (2021), Chap. 5.

148

OECD - Organisation for Economic Co-operation and Development (2021).

149

OECD - Organisation for Economic Co-operation and Development (2021).

150

OECD - Organisation for Economic Co-operation and Development (2021).

151

OECD - Organisation for Economic Co-operation and Development (2021).

152

OECD - Organisation for Economic Co-operation and Development (2021).

153

OECD - Organisation for Economic Co-operation and Development (2021).

154

OECD - Organisation for Economic Co-operation and Development (2022), Chap. 4.

155

OECD - Organisation for Economic Co-operation and Development (2015).

156

OECD - Organisation for Economic Co-operation and Development (2015).

157

Dunz and Power (2021).

158

Dunz and Power (2021).

159

Dunz and Power (2021).

160

OECD - Organisation for Economic Co-operation and Development (2015), Chapters 1 and 4.

161

OECD - Organisation for Economic Co-operation and Development (2021), Chap. 5.

162

OECD - Organisation for Economic Co-operation and Development (2021).

163

OECD - Organisation for Economic Co-operation and Development (2021).

164

OECD - Organisation for Economic Co-operation and Development (2021).

165

OECD - Organisation for Economic Co-operation and Development (2022), Chapters 4 and 5.

166

OECD - Organisation for Economic Co-operation and Development (2022).

167

OECD - Organisation for Economic Co-operation and Development (2022).

168

OECD - Organisation for Economic Co-operation and Development (2022).

169

OECD - Organisation for Economic Co-operation and Development (2022).

170

OECD - Organisation for Economic Co-operation and Development (2022), Chap. 5.

171

IMF - International Monetary Fund (2016) and IMF - International Monetary Fund (2018).

172

IMF - International Monetary Fund (2018), Chap. 4.

173

OECD - Organisation for Economic Co-operation and Development (2022), Chapters 4 and 5.

174

OECD - Organisation for Economic Co-operation and Development (2021), Chapters 1 and 4.

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Titel: When Climate Change Knocks on the Finance Minister’s Door
verfasst von: Paulo Alves Pardal
Verlag: Springer Nature Switzerland
Buch: Sustainable Finances and the Law
Print ISBN: 978-3-031-49459-8

Electronic ISBN: 978-3-031-49460-4

Copyright-Jahr: 2024
DOI: https://doi.org/10.1007/978-3-031-49460-4_8

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