Macro-Financial Aspects of Climate Change

This paper examines the interaction between macro-financial and climate-related risks. It brings together different strands of the literature on climate-related risks and how these relate to macro-financial management and risks. Physical impacts of...

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Main Authors:	Feyen, Erik, Utz, Robert, Zuccardi Huertas, Igor, Bogdan, Olena, Moon, Jisung
Format:	Working Paper
Language:	English
Published:	World Bank, Washington, DC 2020
Subjects:	TRADE AND INVESTMENT CLIMATE CHANGE IMPACT MACRO-FINANCIAL RISK CLIMATE RISK LOW-CARBON ECONOMY CLIMATE RESILIENCE DEBT SUSTAINABILITY
Online Access:	http://documents.worldbank.org/curated/en/223161579009566321/Macro-Financial-Aspects-of-Climate-Change http://hdl.handle.net/10986/33193

id	okr-10986-33193
recordtype	oai_dc
spelling	okr-10986-331932022-09-20T00:09:56Z Macro-Financial Aspects of Climate Change Feyen, Erik Utz, Robert Zuccardi Huertas, Igor Bogdan, Olena Moon, Jisung TRADE AND INVESTMENT CLIMATE CHANGE IMPACT MACRO-FINANCIAL RISK CLIMATE RISK LOW-CARBON ECONOMY CLIMATE RESILIENCE DEBT SUSTAINABILITY This paper examines the interaction between macro-financial and climate-related risks. It brings together different strands of the literature on climate-related risks and how these relate to macro-financial management and risks. Physical impacts of climate change as well as the transition toward a resilient low-carbon economy pose significant challenges for macro-financial management, as they can damage the balance sheets of governments, households, firms, and financial institutions due to the adverse and possibly abrupt impacts on investment and economic growth, fiscal revenue and expenditure, debt sustainability, and the valuation of financial assets. In turn, macro-financial risks translate into weakened resilience to physical climate risks and constrained capacity for climate adaptation and mitigation efforts. The paper finds that many countries face the "double jeopardy" of simultaneous elevated climate-related and macro-financial risks. Reducing macro-financial risks in countries under double jeopardy is an important component of international efforts to tackle climate change to complement and support country-specific efforts. 2020-01-16T20:26:19Z 2020-01-16T20:26:19Z 2020-01 Working Paper http://documents.worldbank.org/curated/en/223161579009566321/Macro-Financial-Aspects-of-Climate-Change http://hdl.handle.net/10986/33193 English Policy Research Working Paper;No. 9109 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	TRADE AND INVESTMENT CLIMATE CHANGE IMPACT MACRO-FINANCIAL RISK CLIMATE RISK LOW-CARBON ECONOMY CLIMATE RESILIENCE DEBT SUSTAINABILITY
spellingShingle	TRADE AND INVESTMENT CLIMATE CHANGE IMPACT MACRO-FINANCIAL RISK CLIMATE RISK LOW-CARBON ECONOMY CLIMATE RESILIENCE DEBT SUSTAINABILITY Feyen, Erik Utz, Robert Zuccardi Huertas, Igor Bogdan, Olena Moon, Jisung Macro-Financial Aspects of Climate Change
relation	Policy Research Working Paper;No. 9109
description	This paper examines the interaction between macro-financial and climate-related risks. It brings together different strands of the literature on climate-related risks and how these relate to macro-financial management and risks. Physical impacts of climate change as well as the transition toward a resilient low-carbon economy pose significant challenges for macro-financial management, as they can damage the balance sheets of governments, households, firms, and financial institutions due to the adverse and possibly abrupt impacts on investment and economic growth, fiscal revenue and expenditure, debt sustainability, and the valuation of financial assets. In turn, macro-financial risks translate into weakened resilience to physical climate risks and constrained capacity for climate adaptation and mitigation efforts. The paper finds that many countries face the "double jeopardy" of simultaneous elevated climate-related and macro-financial risks. Reducing macro-financial risks in countries under double jeopardy is an important component of international efforts to tackle climate change to complement and support country-specific efforts.
format	Working Paper
author	Feyen, Erik Utz, Robert Zuccardi Huertas, Igor Bogdan, Olena Moon, Jisung
author_facet	Feyen, Erik Utz, Robert Zuccardi Huertas, Igor Bogdan, Olena Moon, Jisung
author_sort	Feyen, Erik
title	Macro-Financial Aspects of Climate Change
title_short	Macro-Financial Aspects of Climate Change
title_full	Macro-Financial Aspects of Climate Change
title_fullStr	Macro-Financial Aspects of Climate Change
title_full_unstemmed	Macro-Financial Aspects of Climate Change
title_sort	macro-financial aspects of climate change
publisher	World Bank, Washington, DC
publishDate	2020
url	http://documents.worldbank.org/curated/en/223161579009566321/Macro-Financial-Aspects-of-Climate-Change http://hdl.handle.net/10986/33193
_version_	1764478193611309056

Macro-Financial Aspects of Climate Change

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