too big to ignore

How Climate Change Threatens Financial Stability and the Implications for Financial Markets Regulation and Innovation

About

While there has been longstanding interest in how financial markets affect climate change, the effects of climate change on financial markets have received comparatively little attention. The threat of climate change to financial stability is now too big to ignore. Some central banks have incorporated climate change into their prudential agendas and market regulators are exploring climate risks, but more systematic regulatory approaches are needed to effectively measure and mitigate systemic risks resulting from climate change. Banks, asset managers, insurers, and other financial services firms increasingly recognize their exposures to physical and transition risks, but climate change necessitates a paradigm shift in financial risk management. As financial markets regulation and innovation to address climate change risks begin to emerge, there is a crucial opportunity for interdisciplinary researchers, policymakers, and financial industry practitioners to collaboratively formulate effective regulatory and industry responses.

Sponsored by the Global Financial Markets Center at Duke Law, the Duke Center on Risk in Science & Society, the Nicholas Institute for Environmental Policy Solutions at Duke University, and the Duke University Center for International and Global Studies, this this one-day symposium will bring together key stakeholders to explore how climate change is affecting financial markets, current and potential regulatory and industry responses, and the implications for economic and environmental resilience.

The symposium will begin with a discussion of climate change risks and transmission channels for financial markets, with an emphasis on how these risks can become systemic, thereby threatening financial stability (Topic 1). Drawing on research and experiences with analogous problems, the symposium will explore strategies to better analyze, manage, and mitigate these threats to financial stability (Topic 2). The symposium will then highlight regulatory efforts to tackle climate change risk and the associated analytical and policy challenges (Topic 3). It will conclude with a discussion on financial industry reaction and adaptation to climate change risk, emphasizing innovations to manage risk and promote economic and environmental resilience (Topic 4).

8:30-9:00am
Registration
9:00 – 9:30am
9:30 – 10:45am
10:45-11:00am
Break
11:00-12:15pm
  • Brent Barnette, Sustainable Economic Growth Lead, Climate Resilience Execution Agency for Dominica
  • Dr. Mercy DeMenno, Principal, Bosque Advisors and Senior Fellow, Global Financial Markets Center, Duke University School of Law
  • Mackenzie Huffman, Vice President, Sustainability Financing, JPMorgan Chase
  • Graham Steele, Director, Corporations and Society Initiative, Stanford Graduate School of Business
12:15-1:15pm

Lunch Keynote: Gilbert Gaul, Author, “The Geography of Risk”

1:15-2:45pm
  • The Honorable Sarah Bloom Raskin, Duke Rubenstein Fellow and Former Deputy Treasury Secretary and Governor of the Federal Reserve Board
2:45-3:00pm
Break
3:00-4:15pm
  • Dr. Lawrence Baxter (Moderator), David T. Zhang Professor of the Practice of Law and Faculty Director, Global Financial Markets Center, Duke University School of Law
  • Dr. Deborah Gallagher, Professor of the Practice of Resource and Environmental Policy and Associate Dean of Professional Programs, Duke University’s Nicholas School of the Environment
  • Truman Semans, CEO, OS-Climate
4:15-4:45pm
Closing
5:00-6:00pm
Reception
Brent Barnette

Sustainable Economic Growth Lead, Climate Resilience Execution Agency for Dominica (CREAD)

Lawrence Baxter, Ph.D..Professor of Practice.Faculty.Law - Office of Dean.baxter@law.duke.edu.+1 919 613 8540(tel)..Address for interoffice mail:.Lawrence Baxter, Ph.D..Duke Box 90360..Address for external mail:.Lawrence Baxter, Ph.D..Duke Box 90360.Room 4178 Law School.Durham, NC 27708

David T. Zhang Professor of the Practice of Law and Faculty Director, Global Financial Markets Center

Mercy B. DeMenno

Principal, Bosque Advisors and Fellow at Global Financial Markets Center

Deb Gallagher

Executive Director, Global Financial Markets Center

Gilbert Gaul

Author, “The Geography of Risk”

Vincent Price

President, Duke University

Mackenzie Huffman

Vice President, Sustainability Financing, JPMorgan Chase

Robert Litterman

Founding Partner, Kepos Capital

Tim Profeta

Director, Nicholas Institute for Environmental Policy Solutions

Sarah Bloom Raskin

Duke Rubenstein Fellow and Former Deputy Treasury Secretary and Governor of the Federal Reserve Board

Lee Reiners

Executive Director of the Global Financial Markets Center

Truman Semans

CEO, OS-Climate

Graham Steele

Director, Corporations and Society Initiative, Stanford Graduate School of Business

Conference Co-Chairs

Lee Reiners

Executive Director of the Global Financial Markets Center

Mercy B. DeMenno

Principal, Bosque Advisors and Fellow at Global Financial Markets Center

Lawrence Baxter, Ph.D..Professor of Practice.Faculty.Law - Office of Dean.baxter@law.duke.edu.+1 919 613 8540(tel)..Address for interoffice mail:.Lawrence Baxter, Ph.D..Duke Box 90360..Address for external mail:.Lawrence Baxter, Ph.D..Duke Box 90360.Room 4178 Law School.Durham, NC 27708

David T. Zhang Professor of the Practice of Law and Faculty Director, Global Financial Markets Center

tyler felgenhauer

Research Scientist, The Duke Center on Risk

Venue

Karsh Alumni and Visitors Center

Venue Address

Karsh Alumni and Visitors Center 2080 Duke University Road Durham, NC 27708

Parking

There is a paved, metered parking lot directly next to the center. Parking is $2.00/hour, 24 hours a day and 7 days a week.

One-day visitor parking is complimentary across the street from the center in a gravel lot. Please be cautious when crossing the street across from the gravel lot or walk down to Chapel Drive to use the pedestrian crosswalk.

Sponsors