Climate Change – the Effects, the Impacts

This side event to the Network of Central Banks and Supervisors for Greening the Financial System meeting will be a full-day event aimed at sharing insights and generating discussions around climate change risk and what this means for the banking and insurance sectors.

Co-hosted by Global-Asia Insurance Partnership, ASEAN+3 Macroeconomic Research Office and INSPIRE, this will be a closed-door, by invitation only event.



9:00 AM – 9:30 AM

Welcome and Introductions

9:30 AM – 10:45 AM

Session 1: Environmental risks and regional scenarios for Southeast Asia
The aim of this first session is to present the current status of environmental and climate risks assessment for the Southeast Asia region. After a brief presentation providing an overview of needs and activities, the session will be opened up to the panelists to provide reflections and discuss technical challenges and conceptual issues that are specific to creating regional scenarios.

10:45 AM – 11:15 AM


11:15 AM – 12:45 PM

Session 2: The role of the blue economy and ocean finance in the transition to sustainable, inclusive and resilient development and growth in the ASEAN region
In the Asia Pacific region, there is a strong dependency on a range of economic sectors on marine ecosystems. Asia is home to nine of the 10 busiest ports in the world, nearly half of all containerized shipping takes place on east-west routes that cut across Asia, and more than half of the world’s commercial fishing occurs in Asia. Coastal tourism is essential to many economies in the Asia Pacific, reliant on resilient marine ecosystems. However, the sector remains underfinanced, and SDG 14 Life Below Water remains the least funded of the UN Sustainable Development Goals. The announcement of the UN High Seas Treaty will bring additional focus to the blue economy. This session aims to discuss the role of blue finance to protect and promote the role of marine ecosystems and ocean ecosystem services in ASEAN, as well providing food and jobs for a significant portion of the population in Thailand, Indonesia, Malaysia and Singapore, and the Philippines. After a brief presentation, the panel will discuss emerging topics, opportunities and challenges.

12:45 PM – 1:30 PM

Lunch Break

1:30 PM – 3:00 PM

Session 3: Addressing climate-related financial risks in insurance
Insurers are regarded as ‘leaders’ in addressing climate-related financial risks due to their long experience in underwriting natural catastrophe risks. To what extent this is true? How are insurers taking account of financial risks arising from climate change in their pricing approaches, and how are they underwriting such risks? This panel will discuss how insurers are pricing and underwriting climate-related financial risks, the challenges involved, and the role of insurance supervisors in this area.

3:00 PM – 3:30 PM


3:30 PM – 5:00 PM

Session 4: Public-Private Partnerships – Applications in Asia
Public-Private Partnerships in the context of addressing protection gaps and managing risks are not new, albeit with a particular focus on natural disasters. This session discusses the different types of PPPs that have been implemented around the world, the lessons learnt, and what elements are applicable to the Asia region.