(PRESS RELEASE) – At the request of, and in partnership with, the Eastern Caribbean Central Bank, Toronto Centre is holding its first five-day cross-cutting workshop. The workshop is aimed at helping financial sector supervisors and regulators identify the risks that climate change and other environmental factors pose to financial institutions, economies, consumers and vulnerable groups.
Participants will learn how to develop action plans to deal with climate change and other environmental risks, and how to identify and communicate effectively with key stakeholders to achieve results.
The IMF’s Global Financial Stability Report, 2019 prominently highlights climate risk as a risk to financial stability.
In addition to examining the nature of these risks and their potential effects, the program identifies steps that supervisors and financial institutions can take to deal with these risks. Product design, investment, lending, and strengthening risk management and stress testing are areas that supervisors and financial institutions can explore. The workshop additionally highlights steps that could be taken to manage risks to consumers, such as improving financial literacy and inclusion.
Timothy N.J. Antoine, Governor of the Eastern Caribbean Central Bank (ECCB) said: “As the custodians of the payment system, our Central Bank is advocating for and facilitating disaster and climate resilience strategies inclusive of investment in physical and digital infrastructure, early warning systems, and fiscal resilience. ECCB is pleased to host this inaugural workshop on coping with climate change and other environmental risks and key actions that can be taken by supervisors and those they supervise to deal with these risks. Toronto Centre’s capacity building efforts are essential as financial sector supervisors and regulators in our region tackle these risks.”
Babak Abbaszadeh, CEO and President, Toronto Centre said: “Climate risk is an emerging risk for financial policy makers, standard setters, and supervisors. Toronto Centre applauds the ECCB’s initiative and leadership to be an early mover in building their capacity to deal with climate risk.”