Mobilizing Climate Financing and Ensuring Financial Stability―How Can Asia Pacific Respond to Climate Finance Risks?
Organized by the Asian Development Bank Institute
Thursday, 2 May 2024,
4:30 pm - 6:00 pm
(Asia/Tbilisi)
Radisson Blu Iveria, Ballroom 1 & 2
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Opening Remarks
Agnes Surry
Agnes Surry joined the Asian Development Bank Institute in September 2022. She is seconded from ADB, where she worked in the Strategy, Policy, and Partnerships Department for more than 6 years. She supported policy work including country classification processes to determine access to concessional finance and reforms to provide better solutions to ADB developing member countries. She led the replenishment of the Asian Development Fund 13 in 2020, which is the main ADB grant facility. Prior to joining ADB, she worked at the African Development Bank as a resource mobilization expert and at the Treasury of France as a social economist and policy analyst. She has a master’s degree in international economics (development) and bachelor’s degrees in econometrics and social sciences from Sciences Po Paris and École Normale Supérieure de Lyon, France.
Welcome Remarks
Tetsushi Sonobe
Tetsushi Sonobe’s research interests center on the empirics of economic development, particularly the roles of industrial clusters, human capital, social capital, management practices, and market competition in industrial development in developing Asia and other regions. He obtained his PhD in economics from Yale University and his BA in economics from the University of Tokyo.
Presenter
Sayuri Shirai
Sayuri Shirai is advisor for sustainable policies at the the Asian Development Bank Institute. She is currently a professor of economics under Keio University’s faculty of policy management. She is also an advisor to both the Nomura Research Center for Sustainability and the Nissin Oillio Group. From 2020-2021, she was a senior advisor to London-based EOS at Federated Hermes, which provides environmental, social, and governance (ESG)-related stewardship services on firms and public policy. Prior to that, she was an ADBI visiting fellow from 2016-2020 and a member of the Policy Board of the Bank of Japan from 2011-2016. She has published extensively on topics such as central bank digital currency, monetary policy, global finance, and ESG investment. She holds a PhD in economics from Columbia University.
Panelists
Azalina Adham
Azalina Adham is the managing director of the Securities Commission Malaysia. Among the various areas under her purview is international affairs, which includes the Securities Commission’s participation in the International Organisation of Securities Commissions, the ASEAN Capital Markets Forum (ACMF), ASEAN Taxonomy Board, (ATB) and other ASEAN finance cooperations. Within the ASEAN fora she chairs the ATB’s Working Group on Market Facing and Resourcing, and co-chairs the ACMF’s Sustainable Finance Working Group.
Chuchi Fonacier
Chuchi G. Fonacier is the head of the Financial Supervision Sector in Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines. This sector is mainly responsible for the regulation of banks and other BSP-supervised financial institutions (BSFIs). She directly supervises five subsectors that handle onsite examination and offsite surveillance (or integrated supervision) of BSFIs, credit information system infrastructure, policy studies/research, and supervisory data management. Ms. Fonacier joined the BSP in 1984 as a bank examiner and became deputy governor 33 years later. She is currently the global standards and policy chair of the Alliance for Financial Inclusion and the BSP representative to the Network of Central Banks and Supervisors for Greening the Financial System Plenary and Workstream 1 (Supervision/Micro-Prudential Practices).
Biman Prasad
Biman Prasad is a prominent figure in Fiji politics and academia, with a deep-rooted passion for democracy, good governance, rule of law, human rights, media freedom, inclusive development and social justice. He seeks to bridge the socioeconomic gap within Fiji with progressive policies to uplift marginalized communities, including provision of quality education, social protection, and better healthcare services. He obtained his PhD in economics from the University of Queensland in Australia.
Closing Remarks
Seungju Baek
Seungju Baek has 30 years of economic and development policy experience, having served as deputy minister for planning and coordination at the Ministry of Economy and Finance of the Republic of Korea. His capacity building and training interests include growth for sustainable development in Asia and the Pacific. He earned his PhD in public policy from Korea University.
Moderator
Bruno Carrasco
Bruno Carrasco leads ADB-wide knowledge, innovation, policies, and strategies in all thematic areas. He also oversees the administration of trust funds and global funding initiatives and provides advice to management on strategic, operations, and policy matters. He has over 26 years of experience at ADB. He has also worked for the United Nations Development Program and was on leave from 2000 to 2003 working at the European Central Bank. He holds a doctorate degree in Economics from the University of Essex.
In his welcome remarks, Tetsushi Sonobe highlighted the important role of the region’s financial supervisors and regulators in implementing an ambitious response to climate change, and the need to improve climate disclosure by corporates and financial institutions to promote private climate finance.
Sayuri Shirai further explained why climate related information disclosure in line with international standards such as International Sustainability Standards Board is critical to increase climate finance and mitigate climate physical and transitions risks. She also presented a long-term project jointly implemented by ADB and ADBI, The Asian Climate Finance Dialogue which includes the organization of high-level roundtables so that financial regulators and supervisors can develop capacities of policymakers from financial regulators and supervisors and data generation on regional climate disclosure practices and adoption of international standards.
The subsequent panel provided insights on financial policies such as capital markets regulation, green monetary policy, disclosure on greenhouse gas emissions and taxonomies to direct investments to respond to climate change and build a path toward low carbon development.
Related
- ADBI-ADB Asian Climate Finance Dialogue
- ADB climate envoy: We will continue to focus on mitigation and adaptation
- Video: 57th ADB Annual Meeting: Mobilizing Climate Financing and Ensuring Financial Stability
- Video: ADB: Stepping up as the Climate Bank for Asia and the Pacific
- Mitigating climate-related sovereign risk to accelerate action on the climate emergency
- Asia's Sectoral Transformation, Evolving Diets, and the Consequences for Climate Change
- ADB: Asia and the Pacific's Climate Bank