· François Villeroy de Galhau Wiki · Banque de France WikiPast progress induces new challenges - raising the stakes for standard disclosure, supervisory requirement and collective governance
Read full speech on bis.org ↗ContextSpeech on disclosure, supervision and governance in sustainable finance; the Banque de France keeps finance stable and works on climate-related risks.
Why it mattersVilleroy argues that climate risks are still underestimated in finance.
Problems raised
- Climate risks are underestimated.
- Probabilities of default are underestimated.
- Risk governance needs improvement.
Solutions proposed
- Incorporate climate into monetary operations.
- Raise disclosure and supervisory requirements.
- Improve collective governance.