Sustainable finance/ESG and supervision of banks and other financial intermediaries18-20 April 2023

This webinar offers an overview of Banca d'Italia's approach to climate and environmental risks. Following the adoption of the Paris Agreement on climate change and the UN 2030 Agenda for Sustainable Development in 2015, governments are making strides to transition to low-carbon and more circular economies on a global scale. On the European front, the European Green Deal aims to make Europe the first climate-neutral continent by 2050. The financial sector is expected to play a key role in this respect, as enshrined in the Commission's action plan on financing sustainable growth. Transitioning to a low-carbon and more circular economy entails both risks and opportunities for the economy and for financial institutions, while physical damage caused by climate change and environmental degradation can have a significant impact on the real economy and the financial system. For the second year in a row, the European Central Bank (ECB) has identified climate-related risks as a key risk driver in the SSM Risk Map for the euro-area banking system. The ECB encourages institutions to take a strategic, forward-looking and comprehensive approach to assessing climate-related and environmental risks. Banca d'Italia and the ECB are closely following developments that are likely to affect euro-area institutions. In this webinar, our experts illustrate their experience, expectations and supervisory dialogue.