Economic Risks of Climate Change: Implications for Financial Regulators
From heatwaves and hurricanes to wildfires and high tide flooding, what role is there for U.S. financial regulators in managing the physical risks of climate change?
On Dec. 4, 2020, the Climate Impact Lab, the San Francisco Federal Reserve Bank, the Energy Policy Institute at the University of Chicago, the Goldman School of Public Policy at the University of California, Berkeley, the Kenneth C. Griffin Applied Economic Incubator, and Rhodium Group brought together policymakers, regulators, and leading researchers on the topic of physical climate risk to the U.S. financial system. This event featured keynote speakers from the Federal Reserve, the Commodity Futures Trading Commission, and Capitol Hill, and panel discussions on the macroeconomic and regional risks posed by climate change.
Here you can watch a recording of the event. Slides from the event are available at this link. A detailed agenda, with timestamps, is below.
Welcoming Remarks – Solomon Hsiang, Chancellor’s Professor of Public Policy and Director of the Global Policy Laboratory, University of California at Berkeley, Co-Director of the Climate Impact Lab (00:00–09:40)
Climate Risk – A Perspective from the Federal Reserve – Glenn Rudebusch, Executive Vice President and Senior Policy Advisor, Economic Research Department, Federal Reserve Bank of San Francisco (09:44–21:00)
Academic Panel 1: Macroeconomic Risks of Climate Change to the US – moderated by Amir Jina, Assistant Professor, Harris School of Public Policy, University of Chicago, Climate Impact Lab (21:40–1:10:40)
- Marshall Burke, Associate Professor, Department of Earth System Science and Deputy Director, Center on Food Security and the Environment, Stanford University
- Tatyana Deryugina, Associate Professor, University of Illinois at Urbana-Champaign
- Pete Klenow, Ralph Landau Professor of Economics, Gordon and Betty Moore Senior Fellow at Stanford Institute for Economic Policy Research, Dong Wei Fellow at the King Center for Economic Development, Stanford University
Academic Panel 2: Regional Climate Risks: Flooding, Drought, Wildfires – moderated by Tamma Carleton, Assistant Professor, Bren School of Environmental Science & Management at the University of California, Santa Barbara (1:10:54–2:06:50)
- Miyuki Hino, Assistant Professor, Department of City and Regional Planning and Adjunct Assistant Professor in the Environment, Ecology, and Energy Program, University of North Carolina at Chapel Hill
- Eric Tate, Associate Professor, Department of Geographical and Sustainability Sciences, University of Iowa
- Wolfram Schlenker, Professor, School of International and Public Affairs (SIPA) and the Earth Institute and Co-Director, Center for Environmental Economics and Policy, Columbia University
- Judd Boomhower, Assistant Professor, Department of Economics at the University of California San Diego
Keynote – Robert Litterman, Chairman, Commodity Futures Trading Commission Market Risk Advisory Committee’s Climate-Related Market Risk Subcommittee and Founding Partner, Rick Committee Chairman, Kepos Capital (2:06:55–2:38:05)
Academic Panel 3: Managing Physical Risk to the US Financial System – moderated by Glenn Rudebusch, Executive Vice President and Senior Policy Advisor, Economic Research Department, Federal Reserve Bank of San Francisco (2:38:25–3:38:12)
- Lint Barrage, Assistant Professor, Department of Economics, University of California, Santa Barbara
- Ricardo Correa, Deputy Associate Director, Division of International Finance, Federal Reserve Board
- Carolyn Kousky, Executive Director, Wharton Risk Management and Decision Processes Center, University of Pennsylvania
Perspectives from Capitol Hill – U.S. Sen. Brian Schatz (D-Hawaii), followed by U.S. Rep. Patrick McHenry (R-N.C.) for remarks and moderated discussion with Trevor Houser, Partner, Rhodium Group, Co-director of the Climate Impact Lab (Schatz, 3:38:13–4:02:23) (McHenry, 4:02:25–4:28:40)
Closing Remarks – Michael Greenstone, Milton Friedman Professor of Economics and Director of the Energy Policy Institute at the University of Chicago, Co-Director of the Climate Impact Lab (4:28:43-END)