On 3 July, the Bank of Italy organized the conference "Sustainable development, finance and climate risk" at the C. Azeglio Ciampi Convention Center. The objective was discussing with the financial industry on the impact of climate risks on their business models, funding strategies and risk management process. Experts from 27 banks and asset management companies as well as representatives of the academy and the main trade associations participated in the event.
The meeting was opened by the Deputy Governor Dr. L.F. Signorini, who recommended the banking and financial system to focus as soon as possible on the risks to stability linked to climate change and, more generally to the action of environmental, social and governance factors (i.e. ESG factors). In the first section, after an overview dedicated to the possible impact of climate change on the economic system, industry representatives illustrated their experience in managing in various respects the financial risks posed by ESG factors. In the second section, a panel discussion among representatives of the academy and trade associations focused on the contribution that the regulation, the academy and the different actors of the financial system can make to finance the transition; as well as the main challenges they face.
