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2024 | Buch

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Climate Risk and Financial Intermediaries

Regulatory Framework, Transmission Channels, Governance and Disclosure

verfasst von: Elisabetta Gualandri, Paola Bongini, Maurizio Pierigè, Marina Di Janni

Verlag: Springer Nature Switzerland

Buchreihe : Palgrave Macmillan Studies in Banking and Financial Institutions

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

Climate change is defining structural modifications that affect the economy and the financial system. Within Europe, supervisors and supervised entities are increasingly focusing on the consequences of environmental, social and governance (ESG) risks, as they impact the soundness and stability of the financial system or interfere with the transmission channels of monetary policy and price stability, as well as raising sustainability financing issues.

Focusing on climate-related risks within the broader theme of the ESG risks, this book, structured in six chapters, analyzes the evolving overall regulatory framework, the climate risk transmission channels, the peculiarities of climate risk transmission channels with reference to specific business models of financial intermediaries, and the governance and disclosure implications of climate risks. It will be of interest to academics, practitioners, and students in the fields of banking, financial services, sustainability, ESG, andclimate risk.

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Inhaltsverzeichnis

Frontmatter

Chapter 1. Climate Risk Scenario

Abstract

This book focuses on climate-related risks (as part of the broader theme of ESG risks and sustainability) to analyze the following main aspects: the evolution of the overall regulatory framework in the European Union (EU) and at the international level to contribute to the safety and soundness of the financial sector and to ensure adequate preparation to manage climate-related risks; the climate risk transmission channels, i.e., the mechanisms through which climate risk factors affect individual counterparties and assets of financial institutions, with potential climate-related financial risks for the financial institutions themselves and for the whole financial system; the peculiarities of climate risk transmission channels with reference to specific business models of financial intermediaries, with a focus on commercial banking; the governance and disclosure implications of climate risks, which contribute to the financial sector resilience and unlock opportunities.

Elisabetta Gualandri, Paola Bongini, Maurizio Pierigè, Marina Di Janni

Chapter 2. Regulatory Framework, Standards, and Best Practices for the Financial Sector

Abstract

In this chapter aims to define a broad picture of the present date and outlines the evolution of the regulatory and supervisory framework for managing climate-related risks in the financial sector: state of the art is presented mainly concerning the European Union (EU) context, also taking a broader look to the international context. The specific focus regards the banking sector.

Elisabetta Gualandri, Paola Bongini, Maurizio Pierigè, Marina Di Janni

Chapter 3. Transmission Channels of Climate Risk

Abstract

In this chapter explores the transmission channels through which climate risk finds concrete materialization in the "traditional" risks. To this end, the two main climate risk drivers affecting financial institutions’ risks via micro and macroeconomic transmission channels are introduced: transition risk and physical risk. The mentioned environment and climate-related risk factors do not yet widely constitute an ad hoc risk category in risk management practices, but they are universally considered through traditional risk categories.

Elisabetta Gualandri, Paola Bongini, Maurizio Pierigè, Marina Di Janni

Chapter 4. Integrating Climate Risk into Commercial Banks Operations

Abstract

This chapter deals with climate risks, their impact on commercial bank operations, and the potential products and mechanisms by which these actors can mitigate them. After an initial section on how climate risks are incorporated into classical banking processes, the focus shifts to the following areas related to the “commercial banking” business: Credit process, Finance and Treasury, Wealth and Asset management.

Elisabetta Gualandri, Paola Bongini, Maurizio Pierigè, Marina Di Janni

Chapter 5. Insurance Companies

Abstract

This chapter delves into Insurance Companies' climate risk exposure, exploring business-specific definitions, how climate change transmission channels affect insurance companies, and what kind of impacts on business these kinds of Financial Institutions will face due to Climate change.

Elisabetta Gualandri, Paola Bongini, Maurizio Pierigè, Marina Di Janni

Chapter 6. Governance Implications: The Challenge of Disclosure

Abstract

This chapter deals with the theme of market disclosure, a key feature of governance for financial intermediaries. Regulators recommend that financial institutions define and set up proportionate governance arrangements to ensure a sound and comprehensive approach to incorporating climate risks into business strategy, business processes, and risk management.

Elisabetta Gualandri, Paola Bongini, Maurizio Pierigè, Marina Di Janni

Backmatter

Titel: Climate Risk and Financial Intermediaries
verfasst von: Elisabetta Gualandri
Paola Bongini
Maurizio Pierigè
Marina Di Janni
Copyright-Jahr: 2024
Verlag: Springer Nature Switzerland
Electronic ISBN: 978-3-031-54872-7
Print ISBN: 978-3-031-54871-0
DOI: https://doi.org/10.1007/978-3-031-54872-7

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