Greening the Financial System: Climate Financial Risks and How ADB Can Help
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Greening the Financial System - Asian Development Bank
GREENING THE FINANCIAL SYSTEM
CLIMATE FINANCIAL RISKS AND HOW ADB CAN HELP
Bruno Carrasco, Junkyu Lee
DECEMBER 2023
Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)
© 2023 Asian Development Bank
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Tel +63 2 8632 4444; Fax +63 2 8636 2444
www.adb.org
Some rights reserved. Published in 2023.
ISBN 978-92-9270-461-2 (print); 978-92-9270-462-9 (electronic); 978-92-9270-463-6 (ebook)
Publication Stock No. TCS230539-2
DOI: http://dx.doi.org/10.22617/TCS230539-2
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Notes:
In this publication, $
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ADB recognizes Korea
as the Republic of Korea.
Cover design by Anthony Villanueva.
On the cover: Financial systems are vital to mobilizing and channeling funds for clean energy projects and sustainable green infrastructures, facilitating the transition to a low-carbon and climate-resilient economy (ADB photo library).
Contents
Table, Figures, and Boxes
Acknowledgments
This publication, Greening the Financial System: Climate Risks and How ADB Can Help, is a product of the Sectors Group of the Asian Development Bank (ADB).
Bruno Carrasco, director general of the Climate Change and Sustainable Development Department, ADB, and Junkyu Lee, director in the Finance Sector Office, ADB, provided the first draft and led a core team in preparing the publication. Pierre Monnin, Jacquelin Ligot and Mikko Diaz, ADB consultants, provided inputs and latest knowledge for enriching the paper.
Arup Chatterjee, Sung Su Kim, and Yoonhee Kim in the Finance Sector Office jointly spearheaded the research activities, as well as the coordination with all the internal and external experts in the preparation and writing of this publication.
This publication was produced with the support of a team from ADB: Raquel Borres, senior economics officer; Katherine Mitzi Co, associate operations analyst; and Matilde Mila Cauinian, operations assistant, provided valuable administrative support.
The team greatly appreciates Woochong Um, managing director general, ADB; Ramesh Subramaniam, director general and group chief, Sectors Group; Sungsup Ra, deputy director general and deputy group chief, Sectors Group; and Christine Engstrom, senior director of the Finance Sector Office, for their strong support to the knowledge production process and the conference on Greening Financial Systems and the Role of MDBs and IFIs
on 17–18 May 2023.
We thank all contributors for their generous efforts on this publication, and the team also acknowledges colleagues in the Department of Communications and Knowledge Management for their continuous support in disseminating the publication.
Finally, the team wishes to thank policymakers, financial regulators, academia, and representatives of development partners who attended the conference, gave presentations, and engaged in active discussions to develop and refine the publication:
Fernando Restoy, chair, Financial Stability Institute
Chris Faint, head of Climate Hub Division, Bank of England
Livio Stracca, deputy director general, European Central Bank