Greening Financial Systems and the Role of Multilateral Development Banks 2023 | Asian Development Bank (ADB) | 16 May 2023 | Online

The climate investment and SDG financing gap in Asia is enormous. Based on ADB estimates, $1.7 trillion a year is needed for climate-adjusted infrastructure investments in developing Asian economies.

This events have risen to the challenge. ADB in particular is committed to ensuring that at least 75% of its operations (on a 3-year rolling average) will support climate change mitigation and/or adaptation by 2030 and climate finance from ADB’s own resources to reach its ambition of $100 billion cumulatively by 2030.

To achieve the needed mobilization of public and private financial capital at scale, however, a multi-pronged approach is necessary. A key plank is the greening of financial systems, and what financial regulators and supervisors should and can do to take the necessary measures to foster a greener financial system.

A well-functioning and vibrant financial system that is resilient to climate-related risks and able and willing to play its part in scaling up climate finance is a pre-condition to achieving low-carbon and climate-resilient development in developing countries in this region, in line with the Paris Agreement.

Four themes are key in this regard and will be covered in the ADB conference. These are (in the order they will be covered during the two-day event):

• What role could play dedicated public green and climate banks —the so-called Green Investment Banks (GIBs) in this process;
• How to manage climate risks in the financial system;
• How to scale up climate finance and the transition to a low-carbon and resilient economy for its own good and also as a mitigant of climate risk; and
• How MDBs can support all these efforts, and more specifically support financial supervisors and regulators in the management of climate risks, catalyse private climate finance and unleash their support for the creation of GIBs or help national financial institutions lead scaling up green investment in the region.

The hybrid conference aims to:

• Provide understanding of Green Investment Banks, their benefits, and challenges, and identify the key success and sustainability factors of green banks from green bank cases
• Present the international experience on assessing, monitoring, and addressing climate related risks in the finance sector
• Discuss the way forward for financial supervisors and regulators in Asia, and how they can support green financial markets
• Discuss the role of multilateral development banks in the transition to more resilient and greener financial systems, and to catalyse private sector finance and establish GIBs.

2023 Speakers

MODERATOR:

Bruno Carrasco
Director General, Sustainable Development and Climate Change Department, Asian Development Bank

Ahmed Saaed
Vice President for Operations, Asian Development Bank

Christine Engstrom
Senior Director, Finance Sector Group, Asian Development Bank

PANELISTS:

Fernando Restoy
Chair, Financial Stability Institute

Chris Faint
Head, Climate Hub Division, Bank of England

Livio Stracca
Deputy Director General, Macroprudential Policy and Financial Stability, European Central Bank

Lyn Javier
Assistant Governor, Policy and Specialized Supervision Sub-sector, Bangko Sentral ng Pilipinas

Tao Zhang
Chief Representative, Asia and the Pacific, Bank for international Settlements

Bayarsaikhan Dembereldash
Chairman, Financial Regulatory Commission Mongolia

Chowdhury Liakat Ali
Director, Sustainable Finance Department, Bangladesh Bank

Satoshi Ikeda
Chief Sustainable Finance Officer, Financial Services Agency, Government of Japan

Awais Manzur Sumra
Special Secretary Finance, Pakistan Ministry of Finance

H.E. Pen Thirong
Under Secretary, Cambodia Ministry of Economy and Finance

Inarno Djajadi
Chief Executive of Capital Markets, Financial Derivatives, and Carbon Exchange Supervision, concurrently Member of the Board of Commissioners of the Financial Services Authority

Dana Kupova
Head of Green Economy Transition / Financial Institutions, European Bank for Reconstruction & Development

Fiona Stewart
Lead Financial Sector Specialist, Finance, Competitiveness & Innovation, World Bank

Nabil Ghalleb
Director Economic Empowerment, Islamic Development Bank

Ernst Rauch
Chief Climate Scientist, Munich Re

Max Thomas
ESG Solutions, HSBC

Anna Sophie Herken
Business Division Head, Allianz Asset Management GmbH

Vanessa Wang
Head of Asia Pacific, DWS Group

SPEAKERS:

Ulrich Volz
Professor in Economics, SOAS University of London

Junkyu Lee
Chief of Finance Sector Group, Asian Development Bank

Bert Hunter
EVP & Chief Investment Officer,, Connecticut Green Bank

Jose Antonio Ramos Tan
Director, Southeast Asia Regional Department, ADB

Adrian Barnes
Head of Green Analytics, Green Investment Group, Macquarie Asset Management

Dr. Adi Budiarso
Director for Center for Financial Sector, Ministry of Finance, Indonesia

Xiaoqin Fan
Director, East Asia Regional Department, ADB

Woochong Um
Managing Director General, Asian Development Bank