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International conference on the "The role of central banks in facing climate change challenges"
International conference on the "The role of central banks in facing climate change challenges"
The Central Bank of West African States (BCEAO) organized an international conference on the "The role of central banks in facing climate change challenges", on February 6, 2024, at the Abdou DIOUF International Conference Centre (CICAD) in Diamniadio, Senegal.
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Introduction
The Central Bank of West African States (BCEAO) organized an international conference on the "The role of central banks in facing climate change challenges", on February 6, 2024, at the Abdou DIOUF International Conference Centre (CICAD) in Diamniadio, Senegal.
The Conference brought together Central Banks Governors or their high-level representatives, Ministers in charge of Finance and the Environment from West African Economic and Monetary Union (WAEMU) countries, the Chairmen of several public bodies and institutions in the West African Monetary Union (WAMU), experts from regional and international financial institutions, professional associations of financial institutions in WAMU, and various entities specialized in climate risks.
The aim of the Conference is to create a framework for reflection and experience sharing on climate policy, which would foster a better contribution by the financial sector to the objectives of climate resilience and the transition to a sustainable economy for countries. The lessons learned from this conference will help identify the key areas to be covered by the climate policy of an African Central Bank.
Discussions focused particularly on the implications of climate change for financial stability and monetary policies implemented by central banks, as well as the issues in mobilizing climate finance. A Governors roundtable will conclude the discussions.
Agenda
08h30-09h30 : Welcome and installation of participants
09h45-10h00Welcoming Officials
- Arrival of the Prime Minister, representating of the President of the Republic of Senegal
- Group picture
10h00-10h30 : Official opening ceremony
- Welcome address by the Governor of the BCEAO
- Opening speech by the Prime Minister, representating of the President of the Republic of Senegal
10h30-11h00 :Coffee break
11h00-12h15 : Session 1 : Climate change : Current Perspectives and Implications for Africa's Economic Development
12h15-13h30 : Session 2 : Financial Stability : Central Banks' Actions to Enhance the Resilience of the Financial System to Climate Change
13h30-14h45 : Lunch
14h45-16h00 : Session 3 : The Contribution of Monetary Policy to Addressing the Challenges of Climate Change
16h00-17h15 : Session 4 : From Commitment to Action : Approaches to Greening the Financing of African Economies
17h15-17h30 : Coffee break
17h30-18h30 : Central Bank Governors' Round Table: "Key Takeaways from the Conference"
18h30-18h45 : Closing ceremony : Closing remarks by the Governor of BCEAO
Sessions
Session 1 : Current Perspectives
Climate change : Current Perspectives and Implications for Africa's Economic Development
Objective : The aim of this inaugural session is to present current thinking about the issue of climate change and its impact on economic development. Due to the adverse meteorological phenomena, climate change represents a major source of potential exogenous shocks that could have negative repercussions for food security and sustainable development in particular.
Panel discussions should provide an opportunity to take stock of (i) the climate risks at global level and in Africa, and (ii) to debate the major issues surrounding climate change, particularly for African countries. The panel will also provide an opportunity to discuss mechanisms that could enable countries to meet their international commitments, while ensuring their economic and social development.
Chairperson : Mr. Doudou Ka, Minister of the Economy, Planning and Cooperation, Senegal
Keynote address (15 min) : Mr. Loïc Chiquier, Senior Technical Advisor, Finance, Competitiveness and Innovation, World Bank
Panelists :
- M. Konan Jacques ASSAHORE, Minister for the Environment, Sustainable Development and Ecological Transition
- M. Abdoulaye DIOP, President of the WAEMU Commission
- M. Alfred HANNIG, Executive Director of the Alliance for Financial Inclusion (AFI)
- M. Boris LOKONON, Professor - University of Parakou
- M. Saliou Gaye NDOYE, CEO and Founder of G2P International SA, Chairperson of GREEN FI SAS
Session 2 : Financial Stability
Financial Stability : Central Banks' Actions to Enhance the Resilience of the Financial System to Climate Change
Objective : The aim of this session is to discuss the implications of climate change for financial stability and the actions of central banks to mitigate the risk arising from climate change.
Generally speaking, climate shocks could spread throughout the financial system and compromise financial stability. Climate risks can be amplified by the economic and financial connections between the financial sector and economic agents. Economic losses due to the effects of climate change are a key factor in the deterioration of economic agents' financial capacity and solvency, and they also have a negative impact on the quality of financial institutions' portfolios. These phenomena are causes of financial instability and are of particular concern to financial sector regulators and supervisors.
The discussions are expected to highlight (i) the channels through which climate risks are transmitted to the financial sector, (ii) international and national initiatives to manage climate risks in the financial sector, and (iii) the priorities and constraints faced by regulatory and supervisory authorities in ensuring that climate risks are adequately taken into account in the financial stability monitoring system.
Chairperson : Mr. Ernest Addison, Governor of the Bank of Ghana
Keynote address (15 min) : Mr. Jean Boissinot, Secretary General of the Network for Greening the Financial System (NGFS)
Panelists :
- M. Denny H. KALYALYA, Governor of the Bank of Zambia
- Mme Malangu Kabedi MBUYI, Governor of the Central Bank of Congo
- M. Younoussa IMANI, Governor of the Central Bank of the Comoros
- M. Aubin BELALAHY, Deputy-Governor of the Central Bank of Madagascar
- M. Luiz A. PEREIRA DA SILVA, Former Deputy General Manager of the Bank for International Settlements (BIS)
Session 3 : Monetary Policy
The Contribution of Monetary Policy to Addressing the Challenges of Climate Change
Objective : This panel aims to take stock of central banks' initiatives to factor the effects of climate change into the conduct of monetary policy. To this end, the panelists will be asked to assess the impact of climate change on the conduct of monetary policy within issuing institutions, based on their own experiences.
Discussions will also focus on (i) the challenges faced by central banks in integrating climate considerations into their monetary policy, the monetary policy instruments that help to mitigate the risks associated with climate change, (ii) the expected role of monetary policy in promoting green finance, and (iii) the options available for better taking climate change into account in the conduct of monetary policy.
Chairperson : Mr. Harvesh SEEGOLAM, Governor of the Bank of Mauritius
Keynote address (15 min) : Mr. Prasad ANANTHAKRISHNAN, Unit Chief, Climate Finance Policy Unit (IMF)
Panelists :
- M. Buah SAIDY,Governor of the Central Bank of The Gambia
- M. Abderrahim BOUAZZA, Deputy Governor of Bank Al Maghrib
- M. Boumediene TAYA, Deputy Governor, Central Bank of Mauritania
- M. Jamal Luis Abacar OMAR, Executive Director and Member of the Board of Directors of the Central Bank of Mozambique
- M. Luis SARAMAGO, Deputy Coordinator of Sustainable Finance Unit, Central Bank of Portugal
Session 4 : Green Financing
From Commitment to Action : Approaches to Greening the Financing of African Economies
Objective : This session aims to identify concrete actions implemented by financial sector players to leverage more of the resources needed to green the financing of African countries. Innovative techniques and best practices in terms of structuring green financing will be discussed.
Green financing instruments are financial mechanisms specifically designed to secure resources for projects and initiatives that have a positive impact on the environment and contribute to the fight against climate change. These instruments include Green Bonds, Green Loans, Green Funds, Public Grants and Financing, Green Securitization and Risk-Sharing Instruments.
Discussions focused on (i) financing instruments tailored to developing countries to mitigate the impact of climate change and ensure a transition towards the greening of their economies, (ii) the role of commercial banks in promoting green financing, and (iii) the importance of cooperation between the main players (commercial banks, private investment funds, sovereign wealth funds, environmental NGOs, private sector players, etc.) with a view to achieving the goals stated in point (i).
Chairperson : Mr. Michel Dzombala, Deputy Governor of the Bank of Central African States
Keynote address (15 min) : Mrs. Isabelle Van Grunderbeeck, Head of Inclusive Financial Services Unit, Advisory Services, European Investment Bank (EIB)
Panelists :
- M. Serge EKUE, President, West African Development Bank (BOAD)
- Mme Fundi TSHAZIBANA, Deputy Governor of the South African Reserve Bank
- M. Elhadj Mohamed Lamine CONTÉ,Vice Governor of the Central Bank of the Republic of Guinea
- M. Mamadou Bocar SY, President of the Federation of Professional Associations of Banks and Financial Institutions of WAEMU
- M. Issouf SOUMARÉ, Professor, Université Laval, Canada
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