Bocconi University, Room N04, Piazza Sraffa 13, Milan, Italy


hybrid, Milan


Thursday, January 18, 2024

In cooperation with

Climate physical risk, including both acute and chronic risks, and transition risk stemming from a disorderly transition to a low-carbon economy, has recently been recognized as a source of financial risk by decision makers. In several jurisdictions, such as the European Union, financial and non-financial corporations are required to disclose their climate risk exposure and alignment to climate scenarios, while banks and insurance companies have been involved by their regulators in climate stress-tests exercises. Results show that financial institutions have a considerable and heterogeneous exposure to climate risk, and still face challenges to integrate climate risk in their risk management. In this context, policymakers started to consider the role of monetary policies and prudential regulations to mitigate climate risk for financial stability. The event contributes to deep dive on the relation between climate risk, monetary policy and financial regulation discussing recent research results and key issues at stake for policy making and investors.

Organized by BAFFI Centre on Economics, Finance and Regulation & IEP Institute for European Policymaking @ Bocconi University

Program committee: 
Valentina Bosetti (Bocconi University), Elena Carletti (Bocconi University & SUERF), Ernest Gnan (OeNB & SUERF), and Irene Monasterolo (Utrecht University & SUERF).


Thursday, 18 January 2024
Coffee & Registration
Welcome and introduction
Elena Carletti, Bocconi University | SUERF
Invited Talk | Q&A

Managing climate financial risks in a complex world: implications for Central Banks and Supervisor

Nicola Ranger, Oxford University
Chair: Elena Carletti, Bocconi University I SUERF
Academic session: Climate change, monetary policy and regulation
Chair: Valentina Bosetti, Bocconi University

Designing a Green Memorandum: Central Bankers, Politicians, Monetary Policy and Macroprudential Regulation

Donato Masciandaro, Bocconi University I SUERF Presentation (pdf)

co-authors: Georgios E. Chortareas, Riccardo Russo

Green Capital Requirements

Martin Oehmke, London School of Economics and Political Science Presentation (pdf)

Climate Risk, Bank Lending and Monetary Policy

Andrea Polo, Luiss University Rome

co-authors: Carlo Altavilla, Miguel Boucinha, Marco Pagano

Invited Talk | Q&A

Climate risk assessment and climate investment gap: the role of investors’ expectations and policy credibility for the EU transition

Irene Monasterolo, Utrech University I SUERF Presentation (pdf)
Policy Panel
Chair: Ernest Gnan, SUERF
Livio Stracca, European Central Bank
Benoit Mojon, Bank for International Settlements
Chris Faint, Bank of England
Lucia Alessi, European Commission, DG Joint Research Centre Presentation (pdf)
Conclusion and closing