Transcription of Climate Stress Testing
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Climate Stress Testing
Climate Stress Testing Hyeyoon Jung | Robert Engle | Richard Berner N O . 977 S E P T E M B E R 2021 Climate Stress Testing Hyeyoon Jung, Robert Engle, and Richard Berner Federal Reserve Bank of New York Staff Reports, no. 977 September 2021 JEL classification: Q54, C53, G20 Abstract Climate change could impose systemic risks upon the financial sector, either via disruptions in economic activity resulting from the physical impacts of Climate change or changes in policies as the economy transitions to a less carbon-intensive environment. We develop a Stress Testing procedure to test the resilience of financial institutions to Climate -related risks.
Understanding the impact of climate change on nancial systems is an important question for researchers, central banks, and nancial regulators across the world.Krueger et al. (2020) nd that institutional investors believe climate risks have nancial implications for their portfolio rms and that these risks have already begun to materialize.
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