Clima, Visco: “Urgent action to stop changes, strong social and economic consequences”

“The urgency of action to stop climate change and mitigate its consequences is evident” as is evident “the increase in the intensity and frequency of extreme weather events” and “the strong social as well as economic consequences. central banks, supervisory authorities, international institutions and market participants are putting a lot and increasing attention on understanding the implications of climate change for the financial sector and financial stability. ” This was stated by Ignazio Visco, governor of the Bank of Italy, during the G20 TechSprint 2021 Award Ceremony on sustainable finance. Furthermore, he pointed out, “the risks of climate change can manifest themselves on the economy, especially if the transition to net zero emissions proves to be poorly planned or poorly coordinated at a global level, with consequent disruptions to international trade”.