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ECB warns of cost of not transitioning to a net zero economy

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ECB warns of cost of not transitioning to a net zero economy

Tuesday 16 November 2021 – Vol.12 Ed.46.2

Commentary: ECB’s climate stress test reveals threats to financial stability

By Emma McGarthy in London

The cost of transitioning to net zero is far exceeded by the benefits of turning to a more sustainable financial sector and economy. Failure to transition could have severe consequences for financial stability. These were the key conclusions of an OMFIF Sustainable Policy Institute conversation with the ECB’s Carmelo Salleo, head of the stress test modelling division, and Laura Parisi, team lead of the bank’s climate change centre.

Read the full commentary on the website.

Meeting: MGI Global Balance Sheet report launch

Wednesday 24 November, 08:00-11:00 GMT

OMFIF convenes an in-person roundtable to discuss the findings of the McKinsey Global Institute’s latest report, ‘The rise of the global balance sheet: How productively are we using our wealth?’. The report looks at the global economy not through GDP or other metrics of economic flows, but by borrowing a tool from the corporate world, the balance sheet. It provides an in-depth look at the global economy after two decades of financial turbulence and more than ten years of heavy central bank intervention.

Register to attend here.

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