Duration

3 days

Deadline for application

7 February 2025

Objective

This course, which addresses topics relating to the climate, nature, and wider sustainability issues, is designed for central bank officials. It contains basic information on how climate change and nature loss can be sources of economic and financial risks. The programme is engineered to be easily accessible and lays the foundation for more advanced courses such as “Climate Risk and Monetary Policy”.

The course content follows the recommendations of the “Sustainability Training Reference Guide” (STaR Guide) released by the Network for Greening the Financial System (NGFS), available via the Climate Training Alliance (CTA) Portal.

The STaR Guide provides a structure and recommendations for central banks and financial supervisors to systematically establish a capacity building strategy on the basis of climate-related and environmental knowledge. Capacity building is key to the acceleration of upskilling in the NGFS central banking and supervisory community, as well as a priority of the NGFS Chair, Bundesbank Executive Board member Sabine Mauderer. As emphasised by the NGFS “Progress Report on the Guide for Supervisors” (2021), a continuous upskilling is necessary to account for an evolving understanding of climate‑related and environmental risks and to implement robust risk management practices.

Content

• Understanding the planetary problems: an introduction to climate change and earth system sciences
• From climate change to climate risks: understanding the origin and transmission channels of climate risk
• Loss of nature and ecosystem services as a driver of economic and financial risk: nature-related risks
• The perspective for central banks and financial sector supervisory authorities: relevance and implications of climate-related and environmental risks
• Relevance and implications (including protection gap) of climate and environmental risks for (re)insurers
• International cooperation and multilateral agreements on climate change and nature
• The toolkit against climate change: an overview of tools available to and policies relevant for central banks and supervisory authorities

Target group

Junior to mid-level central bank officials working in the areas of monetary policy, monetary policy implementation, financial stability, banking supervision, banking regulation or international relations with a focus on challenges arising from climate, nature, and wider sustainability issues.

Participants knowledgeable in the area of climate, environmental or nature-related risks are invited to contribute short presentations based on their own expertise in this field to facilitate an interactive course.