Toronto Centre Virtual Panel Examines the Financial Stability Implications of Transitioning to a Green Economy

Toronto Centre hosts Mark Carney and Her Excellency Sri Mulyani Indrawati at virtual 2021 Spring Meetings of the International Monetary Fund and the World Bank Group

April 7, 2021, 09:00 A.M. (ET)

TORONTO, April 07, 2021 (GLOBE NEWSWIRE) — Today, Toronto Centre hosted Mark Carney and Her Excellency Sri Mulyani Indrawati in the panel Transitioning to a Green Economy: Financial Stability Implications, held during the 2021 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG).

Moderated by Toronto Centre’s CEO, Babak Abbaszadeh, the panelists explored the financial stability implications of transitioning to a green economy. The panelists examined how, with the right measures, this transition may be one of the greatest opportunities to reshape the global economy, to achieve the Sustainable Development Goals, and to reduce poverty. They also discussed the need for collaboration by governments, policymakers, and the private sector to achieve net-zero greenhouse gas emissions and highlighted the need to make the TCFD recommendations on climate reporting mandatory. Through these discussions, the importance of proper scenario analysis and stress testing to assess firms’ resilience to mitigate a climate crisis was underscored.

Mark Carney, UN Special Envoy on Climate Action and Finance, and Financial Adviser to UK Prime Minister for COP26, stated that, “For COP26, we need to build the framework so that every financial decision takes climate change into account. Central banks and supervisors will have an important role to play in this regard, issuing guidance to financial firms on climate-related reporting and risk management, conducting climate-related stress tests and disclosing the alignment of their own operations with net zero. Toronto Centre’s work and this event is supporting regulators and supervisors as they work to support a smooth transition to net zero in the financial sector.”

H.E. Sri Mulyani Indrawati, Indonesia’s Minister of Finance added that, “This pandemic creates both challenges and opportunities to accelerate transformation towards greener and more sustainable economic development. Multilateral cooperation can facilitate financing and technology transformation needed to break the trade-off, especially for developing countries, between pursuing development goals and climate change actions.”

In his closing remarks, Babak Abbaszadeh thanked the distinguished speakers for their inspiring comments and thought-provoking remarks. He commented, “There are grounds for optimism. Innovation and global cooperation are needed to transition to a green economy. Toronto Centre will be launching a climate stress toolkit for supervisors and regulators during COP26.”

Panelists included:

  • Mark Carney (UN Special Envoy on Climate Action and Finance, and Financial Adviser to UK Prime Minister for COP26)
  • H.E. Sri Mulyani Indrawati (Minister of Finance, Indonesia)

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www.torontocentre.org

For more information, please contact:

Diana Bird,
Communications and Special Projects Coordinator, Toronto Centre
647.993.3809 | [email protected]

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