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Macroeconomics of Climate Change

Climate Risks for the Financial Sector

Apostolos Panagiotopoulos

This online course, presented by the IMF's Institute for Capacity Development, Monetary and Capital Markets Department, and Research Department, serves as the fifth in a six-part "Macroeconomics of Climate Change (MCCx)" series. In this offering, you will learn the key components of financial and monetary policies that can help manage physical and transition climate risks.

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What's inside

Learning objectives

Identify the need for improving the availability of climate-change-related financial information and the three building blocks underpinning climate information architecture.
Explain latest developments in regulation and supervision of climate related financial risks and the theoretical basis for climate risk regulation shaping designs of regulatory and supervisory frameworks.
Describe the importance of assessing climate risks using stress testing frameworks and provide an overview of climate scenarios as well as climate risk analysis frameworks.

Describe the implications of climate change risks on central bank operations and how central banks can adjust their operations to mitigate financial sector risks stemming from climate change.
By the end of the course, you will be able to:

Identify the need for improving the availability of climate-change-related financial information and the three building blocks underpinning climate information architecture.
Explain latest developments in regulation and supervision of climate related financial risks and the theoretical basis for climate risk regulation shaping designs of regulatory and supervisory frameworks.
Describe the importance of assessing climate risks using stress testing frameworks and provide an overview of climate scenarios as well as climate risk analysis frameworks.
Describe the implications of climate change risks on central bank operations and how central banks can adjust their operations to mitigate financial sector risks stemming from climate change.
By the end of the course, you will be able to:

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Teaches how to manage physical and transition climate risks, which is highly relevant to economies around the world

Taught by instructors from the IMF's Institute for Capacity Development, Monetary and Capital Markets Department, and Research Department, who are recognized for their work in this field

Examines the latest developments in regulation and supervision of climate related financial risks

Provides an overview of climate scenarios and climate risk analysis frameworks

Explores how central banks can mitigate financial sector risks stemming from climate change, which is an area of growing concern

May require some prior knowledge of economics and finance, which could be a barrier for some learners

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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Macroeconomics of Climate Change: Climate Risks for the Financial Sector with these activities:

Review materials from courses on climate change

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Review foundational materials to prepare for the upcoming course and refresh background knowledge in climate change.

Browse courses on Climate Change

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Review notes and slides from previous courses on climate change.
Read recent articles or books on climate change to update knowledge.

Follow online tutorials on climate risk assessment and management

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Gain practical skills in assessing and managing climate risks by following online tutorials.

Browse courses on Climate Risk

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Search for and identify reputable online tutorials on climate risk assessment and management.
Follow the tutorials step-by-step, completing exercises and assignments.
Apply the learned techniques to real-world examples or case studies.

Practice using financial modeling software

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Develop proficiency in using modeling software to build and analyze financial models.

Browse courses on Financial Modeling

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Identify and install the recommended financial modeling software.
Complete online tutorials or workshops on using the software.
Build practice models based on provided datasets.

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Join a study group or online forum to discuss course concepts

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Enhance understanding of course material and engage with peers by participating in discussions and sharing insights.

Browse courses on Climate Change

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Identify and join a study group or online forum related to the course.
Attend regular meetings or participate in online discussions.
Share insights, ask questions, and engage with other participants.

Write a blog post on a specific aspect of climate finance

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Deepen understanding of climate finance concepts by researching and writing a blog post on a specific topic.

Browse courses on Climate Finance

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Choose a specific aspect of climate finance to focus on.
Research and gather information on the topic.
Write a draft of the blog post, including an introduction, body, and conclusion.
Review and edit the draft for clarity and accuracy.
Publish the blog post on a relevant platform.

Develop a presentation on a case study involving climate-related financial risks

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Solidify understanding of climate-related financial risks by analyzing a real-world case study and developing a presentation.

Browse courses on Climate Risk

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Identify a suitable case study involving climate-related financial risks.
Research and gather data on the case study.
Analyze the risks and develop recommendations for mitigation or adaptation.
Create a presentation that clearly communicates the findings and recommendations.

Start a personal project that applies climate finance concepts in a practical setting

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Gain hands-on experience and apply knowledge by initiating a personal project that incorporates climate finance concepts.

Browse courses on Climate Finance

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Identify a specific area or issue within climate finance that you are passionate about.
Develop a project idea that addresses this issue and incorporates climate finance concepts.
Plan and execute the project, tracking progress and evaluating outcomes.

Participate in a hackathon or competition related to climate finance

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Challenge yourself and apply knowledge by participating in a real-world competition focused on climate finance.

Browse courses on Climate Finance

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Identify and register for a hackathon or competition related to climate finance.
Form a team or work individually on the project.
Develop a solution or proposal that addresses the competition's challenge.
Submit the solution or proposal and present it to a panel of judges.

Career center

Learners who complete Macroeconomics of Climate Change: Climate Risks for the Financial Sector will develop knowledge and skills that may be useful to these careers:

Central Banker

Central Bankers play a key role in managing the economy and financial system. The Macroeconomics of Climate Change: Climate Risks for the Financial Sector course will be particularly useful for Central Bankers, as it will provide you with the knowledge and skills you need to manage climate risks in the financial sector.

See salaries and explore the career path for Central Banker

Climate Risk Analyst

Climate Risk Analysts evaluate the potential financial impacts of climate change on companies and other organizations. The Macroeconomics of Climate Change: Climate Risks for the Financial Sector course is highly relevant to this role and will provide you with the knowledge and skills you need to succeed.

See salaries and explore the career path for Climate Risk Analyst

Climate Policy Analyst

Climate Policy Analysts research and develop policies to address climate change. The Macroeconomics of Climate Change: Climate Risks for the Financial Sector course will provide you with valuable knowledge for this role, as it will help you understand how climate risks are assessed and managed in the financial sector.

See salaries and explore the career path for Climate Policy Analyst

Sustainable Finance Analyst

Sustainable Finance Analysts provide expertise on environmental, social, and governance (ESG) issues to investors and other stakeholders. The Macroeconomics of Climate Change: Climate Risks for the Financial Sector course will provide you with valuable knowledge for this role by providing you with a better understanding of climate risks in the financial sector.

See salaries and explore the career path for Sustainable Finance Analyst

Environmental Economist

Environmental economists work at the intersection of environmental science and economics, analyzing the economic effects of environmental policies and regulations. The Macroeconomics of Climate Change: Climate Risks for the Financial Sector course is relevant to this role, as it will help you understand how financial policies can be used to manage climate risks.

See salaries and explore the career path for Environmental Economist

ESG Analyst

ESG Analysts evaluate the environmental, social, and governance (ESG) performance of companies and other organizations. The Macroeconomics of Climate Change: Climate Risks for the Financial Sector course can be useful for those interested in this role, as it will provide you with insights into climate risks in the financial sector.

See salaries and explore the career path for ESG Analyst

Financial Analyst

Financial Analysts use their skills and knowledge to help evaluate the performance of businesses and determine a company's value. The Macroeconomics of Climate Change: Climate Risks for the Financial Sector course will provide you with the requisite knowledge to succeed in this role, such as how to assess climate risks using stress testing frameworks.

See salaries and explore the career path for Financial Analyst

Risk Analyst

Risk Analysts identify, assess, and manage risks that can affect a company. The Macroeconomics of Climate Change: Climate Risks for the Financial Sector course is relevant to this role, as it will help you better understand how to assess climate risks, such as how to use stress testing frameworks to assess climate risks within the financial sector.

See salaries and explore the career path for Risk Analyst

Regulatory Affairs Manager

Regulatory Affairs Managers oversee regulatory compliance for their organizations. The Macroeconomics of Climate Change: Climate Risks for the Financial Sector course may be useful for those interested in this role, as it will provide you with a greater understanding of climate-related regulation in the financial sector.

See salaries and explore the career path for Regulatory Affairs Manager

Quantitative Analyst

Quantitative Analysts use mathematical and statistical models to analyze data and make predictions for businesses and investors. The Macroeconomics of Climate Change: Climate Risks for the Financial Sector course can be useful for those interested in this role, as it provides knowledge of how climate risks are assessed and managed in the financial sector.

See salaries and explore the career path for Quantitative Analyst

Financial Advisor

Financial Advisors provide financial advice and guidance to clients and help clients manage their financial investments. The Macroeconomics of Climate Change: Climate Risks for the Financial Sector course will help you build a foundation for success in this role by providing you with a greater understanding of the role of climate-change-related financial risks.

See salaries and explore the career path for Financial Advisor

Chief Sustainability Officer

Chief Sustainability Officers are responsible for developing and implementing sustainability strategies for their organizations. The Macroeconomics of Climate Change: Climate Risks for the Financial Sector course may be useful for those interested in this role, as it will provide you with knowledge of climate risks in the financial sector.

See salaries and explore the career path for Chief Sustainability Officer

Actuary

Actuaries use mathematical and statistical skills to assess risks and advise clients on insurance policy areas, such as pricing and product design. The Macroeconomics of Climate Change: Climate Risks for the Financial Sector course provides a useful overview of this topic and may help you gain valuable knowledge for a career as an actuary.

See salaries and explore the career path for Actuary

Insurance Underwriter

Insurance Underwriters assess risks and decide whether to offer insurance coverage and the amount of coverage to offer. The Macroeconomics of Climate Change: Climate Risks for the Financial Sector course may be useful to you in this role, as it provides a greater understanding of the role of climate-change-related financial risks in insurance.

See salaries and explore the career path for Insurance Underwriter

Economist

Economists study how individuals, governments, and businesses make decisions about the allocation of resources. The Macroeconomics of Climate Change: Climate Risks for the Financial Sector course can be helpful for economists who want to specialize in climate change and its financial impacts.

See salaries and explore the career path for Economist

Reading list

We've selected ten books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Macroeconomics of Climate Change: Climate Risks for the Financial Sector.

Climate Shock

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Provides a rigorous introduction to the economic principles that underpin climate change policy. It covers topics such as the economics of carbon pricing, the role of uncertainty in climate policy, and the design of climate agreements.

Macroeconomics of Climate Change

Climate Risks for the Financial Sector

What's inside

Learning objectives

Good to know

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Activities

Career center

Reading list

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