Climate Webinar #6: Green Finance - A Step towards a Greener Economy

Wednesday, July 21, 2021, at 15:00-16:30 Vienna time (CEST)

Panelists
Mr. Krzysztof Michalak, Senior Program Manager, Environment Directorate, Organization for Economic Co-operation and Development
Ms. Farah Hussain, Senior Financial Officer and Sustainable Finance Specialist, Treasury, World Bank

Moderator
Ms. Tatiana Evdokimova, Economist, Joint Vienna Institute


This sixth webinar of the JVI webinar series on climate change economics will discuss the topic of green finance. 

The transition to a low-carbon economy requires substantial investments and mobilization of financial resources. Scaling up green finance is one of the key factors for delivering on ambitious climate change mitigation targets. A well-functioning financial system with a clear focus on sustainability is capable of channeling much needed funding towards green projects, technologies and research. Yet the lack of clarity about which activities can be defined as green remains an impediment to green finance development. At the same time, the benefits of creating harmonized and consistent global climate disclosure standards are becoming increasingly relevant. While some countries have already made considerable progress towards better climate-related data disclosure, others are still only at the start of this journey. 

The webinar will give an overview of the latest trends and challenges of sustainable green finance with a special focus on reliable and comparable data as a key pillar to its success. The panelists will also share guidelines that financial sector regulators could follow to green their national financial systems, notably through the introduction of green taxonomies. Finally, the webinar will take stock of green finance developments in the EECCA (Eastern Europe, Caucasus and Central Asia) region in recent years. 

The JVI focus on climate change 

If greenhouse gas emissions continue unabated, global temperatures will keep on rising at an unprecedented pace, with catastrophic implications for lives and livelihoods worldwide. Economic policy has a pivotal role to play in changing the ways we produce and consume in order to slow climate change. 

Countries in the JVI region will not be spared the economic costs of rising temperatures nor the difficult task of transforming their economies within the next thirty years to drastically reduce greenhouse gas emissions. Yet, this transformation also holds opportunities for countries in the region, such as public investment-triggered growth, good quality green jobs, and better health from reduced air pollution. 

In this context, the JVI will offer two new courses on the economics of climate change. The first one, “Climate Change and Green Finance”, coordinated by the Austrian Federal Ministry of Finance and the Austrian National Bank, took place for the first time June 14-18, 2021. The second one, “Climate Change Economics”, coordinated by the JVI faculty, will take place September 13-17, 2021. We encourage you to visit the course page and apply. 

To accompany these two courses, the JVI is running a webinar series on selected issues in climate change economics. In discussion with experts from the JVI partner organizations, academia, central banks, and other institutions, we are shedding light on topics such as the political economy of climate change, carbon taxation, the role of financial sector oversight, and macroeconomic modelling – with a special focus on the JVI region.

Hervé Joly, Director (JVI)

Presentation

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