This workshop was the first in a series of OECD workshops in 2020-22 on Climate Science, Policy, Regulation and Practice to foster an outcome-oriented, interactive dialogue between climate researchers, financial regulators, supervisors, climate policy makers and industry practitioners.
This series of OECD workshops aims to:
(i) explore the potential policy implications of a range of evidence relating to climate science
(ii) identify where scientific insights might help with emerging policy problems that require robust and pragmatic ways forward in the near term.
(iii) inform OECD work, including work on the implications of climate change for vulnerable and developing countries.
The intention is to host several interactive workshops in 2020-22 to bring together a range of leading scientific, economic, financial experts with senior policy makers on focused issues.
This first virtual workshop on 3-4 September focusing on "Climate Change: Assumptions, Uncertainties and Surprises" set the scene by highlighting key issues relevant to the design and use of climate research and science within policy, regulation and practice. It framed key issues to support economic and financial decision actors (private and public) to interpret and use scientific evidence and modelling in their approaches to climate risks. In particular, physical and transition risks (e.g. to undertake climate stress tests and scenario analysis), and in their consistency assessments against mitigation and resilience, were addressed.
Subsequent workshops will examine in more detail how to implement climate risk management and climate policy alignment goals across areas relevant to physical and transition risks or impacts from climate change. They will discuss implications for financial regulators, industry practitioners, as well as policy makers.
Participants included: climate scientists and economists, policy makers, data providers and representatives from central banks, financial supervisors, investors, insurers, credit ratings agencies, and civil society.
The workshop was held as a virtual event (using Zoom), under the Chatham House rule. A summary record of the workshop will be circulated following the workshop (with no attribution).
This workshop was hosted thanks to support from ADEME and Finance for Tomorrow in the context of the Finance Climact initiative, supported by a grant from the LIFE program.
Opening Session - Keynote presentation:
Session 1: Climate modelling: Key insights and implications for policy and practice
Keynote presentation on Climate economics: old insights, new insights and current frontiers
Session 2: Socio-economic implications of climate impacts, and assessment of climate damages, catastrophe and physical risks
Session 3: Climate mitigation: scenarios, assumptions and transition risks
Session 4: Climate risk management: Implications for the financial sector