Download or read book Central Banks and Climate Change Key Legal Issues written by Mario Tamez and published by International Monetary Fund. This book was released on 2024-09-09 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Well-designed legal frameworks and institutional arrangments support the legitimacy of central banks’ autonomous decision-making when grounded on sound legal basis and can prevent over-stepping in the remit of other authorities. This paper explores the key legal intersections of climate change and central banks. Climate change could impact price and finanical stability, which are at the core of a central bank’s mandate. While central banks’ legal frameworks can support climate change efforts they also determine the boundaries of the measures they can adopt. Central banks need to assess their mandate and authority under their current legal frameworks when considering measures to contribute to the global response to climate change, while taking actions to fulfill their legal mandates.
Download or read book Banking Law and Climate Change Key Legal Issues written by Mario Tamez and published by International Monetary Fund. This book was released on 2024-09-10 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the intersection of climate change policies with banking supervisory law. Statutory mandates define banking supervisory agencies’ objectives, functions and powers. Policies that aim to address climate change risks appear fully germane to banking supervisors’ main objective of safety and soundness. As such, banking supervisory agencies have a duty to address climate risks in light of their mandate. A mandate that is not anchored on safety and soundness in light of best practice would blur the accountability of banking supervisory agencies and undermine their legitimacy also with respect to climate. While legal changes can help provide greater legal certaintly, particularly given the long-term perspective of climate change, bank supervisory agencies can take action without fundamental reforms of their legal framework. Accordingly, they have set expectations or requirements for banks to incorporate climate into their strategy and business model, risk management, and governance. A combination of legal instruments—based on soft law and hard law—helps to achieve this objective. Notwithstanding implementation challenges, taxonomies and disclosures remain important tools, and banking supervisors should assess their role in the development of such tools in light of their mandate. The key responsibility to address climate risks rests on banks, and corporate governance frameworks could assist.
Download or read book Climate Change Litigation and Central Banks written by Joana Setzer and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Legal Aspects of Central Bank Digital Currency Central Bank and Monetary Law Considerations written by Wouter Bossu and published by INTERNATIONAL MONETARY FUND. This book was released on 2020-11-20 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the legal foundations of central bank digital currency (CBDC) under central bank and monetary law. Absent strong legal foundations, the issuance of CBDC poses legal, financial and reputational risks for central banks. While the appropriate design of the legal framework will up to a degree depend on the design features of the CBDC, some general conclusions can be made. First, most central bank laws do not currently authorize the issuance of CBDC to the general public. Second, from a monetary law perspective, it is not evident that “currency” status can be attributed to CBDC. While the central bank law issue can be solved through rather straithforward law reform, the monetary law issue poses fundmental legal policy challenges.
Download or read book Financial Regulation Climate Change and the Transition to a Low Carbon Economy A Survey of the Issues written by Mr. Dimitri G Demekas and published by International Monetary Fund. This book was released on 2021-12-17 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are demands on central banks and financial regulators to take on new responsibilities for supporting the transition to a low-carbon economy. Regulators can indeed facilitate the reorientation of financial flows necessary for the transition. But their powers should not be overestimated. Their diagnostic and policy toolkits are still in their infancy. They cannot (and should not) expand their mandate unilaterally. Taking on these new responsibilities can also have potential pitfalls and unintended consequences. Ultimately, financial regulators cannot deliver a low-carbon economy by themselves and should not risk being caught again in the role of ‘the only game in town.’
Download or read book Sustainable Finance and Climate Change written by René Smits and published by Edward Elgar Publishing. This book was released on 2024-04-12 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sustainable Finance and Climate Change explores the legal and regulatory framework that governs the transition to a carbon free economy, looking in particular at the regulation of the financial sector and corporate liability for climate change and biodiversity loss. In addition it looks at the effect on general corporate law, environmental law, central bank law, as well as litigation and arbitration.
Download or read book Macroeconomic and Financial Policies for Climate Change Mitigation A Review of the Literature written by Signe Krogstrup and published by International Monetary Fund. This book was released on 2019-09-04 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The literature provides a menu of policy tools for mitigation. A key conclusion is that fiscal tools are first in line and central, but can and may need to be complemented by financial and monetary policy instruments. Some tools and policies raise unanswered questions about policy tool assignment and mandates, which we describe. The literature is scarce, however, on the most effective policy mix and the role of mitigation tools and goals in the overall policy framework.
Download or read book Investing in Climate Investing in Growth written by OECD and published by OECD Publishing. This book was released on 2017-05-23 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides an assessment of how governments can generate inclusive economic growth in the short term, while making progress towards climate goals to secure sustainable long-term growth. It describes the development pathways required to meet the Paris Agreement objectives.
Download or read book Current Legal Issues Affecting Central Banks Volume V written by Mr.Robert C. Effros and published by International Monetary Fund. This book was released on 1998-05-20 with total page 870 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume, edited by Robert C. Effros, focuses on how technology is affecting the world of banking and finance in an era of increasing globalization. The advent of electronic money, stored value cards, and internet transactions are discussed, as well as the impact of technology on cross-border banking and its implications for central banks. Other issues examined are the legal and regulatory frameworks for risk management of banks, sovereign debt, the international laws of bank secrecy, and financial services within the context of the GATT Agreement on Trade Services.
Download or read book Managing Climate Risk in the U S Financial System written by Leonardo Martinez-Diaz and published by U.S. Commodity Futures Trading Commission . This book was released on 2020-09-09 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
Download or read book Green Banking and Green Central Banking written by Andreas Dombret and published by Walter de Gruyter GmbH & Co KG. This book was released on 2021-10-11 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The books deals with the questions that really matter for green finance: Where will the money to finance the transition to a low carbon environment come from, how far do the banks’ balance sheets stretch and where will the rest of the money come from? How much can we rely on the capital markets, especially in the EU, to get money to the parts of the economy which really need it, without greenwashing? How do governments organize not just a transition, but a just transition to a low carbon environment? Is it time to revisit received ideas about the proper role for central banks?
Download or read book Current Legal Issues Affecting Central Banks Volume II written by Mr.Robert C. Effros and published by International Monetary Fund. This book was released on 1994-06-01 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume II, edited by Robert C. Effros, contains the collected views of banking and legal expers, gathered at the second IMF-sponsored seminar of central banks general counsels. Matters of both international and domestic concern are addressed. The contributors analyze topics ranging from concepts of international monetary law to aspects of the debt crisis and the role of the international financial institutions; banking development in the United States, the United Kingdom, the European Union, and elsewhere; developments in the payments systems; and measures to counter money laundering.
Download or read book Trends in Climate Change Legislation written by Alina Averchenkova and published by Edward Elgar Publishing. This book was released on 2017-12-29 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: A deepening understanding of the importance of climate change has caused a recent and rapid increase in the number of climate change or climate-related laws. Trends in Climate Change Legislation offers an astute analysis of the political, institutional and economic factors that have motivated this surge, placing it into context.
Download or read book Banking on Climate Change written by Megan Bowman and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banking on Climate Change provides you with a comprehensive, cross-jurisdictional analysis of legislative and policy responses to climate change and the financial crisis in key market economies. The climate finance field is extremely new. This first qualitative study on corporate climate finance spells out the importance of private capital finance and public finance in facilitating the transition to a low-carbon economy. You'll find a thorough discussion and analysis of the discrete topics of finance and climate change, which will help you in your lending, investing and advising activities. Megan Bowman draws upon the access she has received to senior bank managers and international workshops to explore the activities of multilateral development banks and specialized climate funds. She also considers the influences of corporate law and corporate governance norms on directors' decision-making. She examines the risk/return theory for a range of private finance actors, and explores how business case logic and corporate social responsibility influence financial behaviors. She also looks at the case for Chinese 'state capital' for global green investment. Banking on Climate Change includes personal interviews with senior bank personnel, corporations and non-government organizations in the United States, Europe and Australia. This data will give you a key insight into how and why the banks make their decisions, and will be helpful for legal practitioners, policy-makers and anyone working in other private finance sectors.--
Download or read book Current Legal Issues Affecting Central Banks Volume I written by IMF Institute and published by International Monetary Fund. This book was released on 1992-06-15 with total page 662 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edited by Robert C. Effros, this first volume in a new series for attorneys, economists, financial managers, and the general public is based on biennial IMF seminars held for central bank general counsels. Among the topics analyzed by international banking and legal experts are jurisprudence concerning the IMF's Articles of Agreement; the debt crisis; investment dispute settlement; banking regulation, deregulation, supervision, and secrecy; electronic fund transfers (EFTS); the Basle Concordat; sovereign immunity of central banks; and Islamic banking.
Download or read book Making the Financial System Sustainable written by Paul G. Fisher and published by Cambridge University Press. This book was released on 2020-11-12 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EU Action Plan on Financing Sustainable Growth is the most advanced and comprehensive policy agenda on sustainability in the world. But is it going in the right direction? Acting as a bridge between policy and academia, this up-to-date contribution to the global policy debate brings together some of the leading experts from the European Commission's High-Level Expert Group on Sustainable Finance, to discuss how the financial system needs to be reformed to promote sustainability. Finance has long been criticized for being short-term focused and concerned with maximizing returns to intermediaries, rather than with the interests of savers and borrowers. The financial system must now take into account environmental, social and governance considerations to support a sustainable economy and this volume offers new insights on the way forward. A must-read for anyone working on financial sector policy and sustainability.
Download or read book Shock Waves written by Stephane Hallegatte and published by World Bank Publications. This book was released on 2015-11-23 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ending poverty and stabilizing climate change will be two unprecedented global achievements and two major steps toward sustainable development. But the two objectives cannot be considered in isolation: they need to be jointly tackled through an integrated strategy. This report brings together those two objectives and explores how they can more easily be achieved if considered together. It examines the potential impact of climate change and climate policies on poverty reduction. It also provides guidance on how to create a “win-win†? situation so that climate change policies contribute to poverty reduction and poverty-reduction policies contribute to climate change mitigation and resilience building. The key finding of the report is that climate change represents a significant obstacle to the sustained eradication of poverty, but future impacts on poverty are determined by policy choices: rapid, inclusive, and climate-informed development can prevent most short-term impacts whereas immediate pro-poor, emissions-reduction policies can drastically limit long-term ones.
