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About the event

9th Joint RFA Research Seminar

Climate Change and Its Impact on Macroeconomic and Financial Stability

The 9th Regional Financing Arrangements (RFAs) Joint Research Seminar will take place on May 16, 2025, in Medellín, Colombia, with the option for virtual participation. This event will bring together leading academics, policymakers, and financial experts to discuss the impact of climate change on macroeconomic stability, financial systems, and sovereign risk.

The seminar will cover key topics, including:

  • The relationship between climate change and economic growth
  • Financial system vulnerabilities to climate-related risks
  • Sovereign credit risk and public finances in the context of climate challenges
 

A high-level roundtable will also be held, focusing on adaptation strategies, policy responses, and global cooperation to address climate change.

This seminar provides a unique opportunity to engage with experts and gain insights into the evolving intersection of climate and macro-financial stability.

9th Joint RFA Research Seminar

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Agenda

May 15th, 2025 (Thursday)

7:00 p.m.
Welcome cocktail
Location: TBD

May 16th, 2025 (Friday)

8:30 a.m. – 9:00 a.m.
Registration and welcome coffee
9:00 a.m. – 9:10 a.m.
Introductory remarks
José Darío Uribe, Executive President, Latin American Reserve Fund – FLAR
9:10 a.m. – 9:40 a.m.

Opening presentation: Charting a Sustainable Future: The role of the IMF and RFAs in Addressing Climate Risks

Christine Richmond, Deputy Division Chief, Fiscal Affairs Department Climate Policy, International Monetary Fund – IMF

9:40 a.m. – 11:10 a.m.
Session 1: Macroeconomic Implications of Climate Change
Chair: Carlos Giraldo, Chief Economist, Latin American Reserve Fund – FLAR
  • Christian Upper, Senior Advisor, BIS Representative Office for the Americas, “The energy transition and its macroeconomic effects”
  • Iader Giraldo-Salazar, Principal Economic Researcher, Latin American Reserve Fund – FLAR, “Climate Growth at Risk in the Global South”
  • Fulvia Marotta, Research Economist, Dutch Central Bank, “Demand or Supply? An empirical exploration of the effects of climate change on the macroeconomy” 

 

Fireside chat: Laura B. Fermo, Deputy Group Head, Macro-Financial Research Group, ASEAN+3 Macroeconomic Research Office – AMRO, and Irene Alvarado, Environmental economist at Banco Central de Costa Rica

Q&A Session

11:10 a.m. – 11:30 a.m.

Coffee break
11:30 a.m. – 01:00 p.m.

Session 2: Financial System Vulnerabilities and Resilience

Chair: Rolf Strauch, Chief Economist, European Stability Mechanism – ESM
  • Bernhard Mayr, European Stability Mechanism – ESM, “Broadening the scope of risk sharing through a European backstop for natural catastrophes”
  • Laura B. Fermo, Deputy Group Head, Macro-Financial Research Group, ASEAN+3 Macroeconomic Research Office – AMRO, “Tracking the Progress of Climate Change Initiatives and Transition Finance in ASEAN+3”
  • Ricardo Santos, Economist, European Investment Bank, “Climate risks for Latin America and the Caribbean: Are banks ready for the green transition?”

 

Fireside chat: Andrea Villarreal, FLAR, and Swenja Surminski, Managing Director Climate Marsh McLennan and Professor in Practice at the Grantham Research Institute on Climate Change and the Environment – LSE  

Q&A Session 

1:00 p.m. – 2:30 p.m.

Networking lunch
2:30 p.m. – 4:00 p.m.
Session 3: How will climate change impact public finances and sovereign credit risk?
Chair: Abdurohman, Deputy Director, ASEAN+3 Macroeconomic Research Office – AMRO
  • Caterina Seghini, Macroeconomist and modeler at the Banque de France in the Macroeconomic and Forecasting Division, “Sovereign debt sustainability, the carbon budget and climate damages”
  • Óscar Valencia, Principal Specialist- Fiscal Management Division – IADB, “Asymmetric sovereign risk: Implications for climate change preparation”
  • Kiryl Lemba, Economist, Research Department, Eurasian Fund for Stabilization and Development – EFSD. “Assessment of the Potential Impact of Natural Hazard Events on Debt Sustainability of Armenia, Kyrgyzstan, and Tajikistan”

 

Fireside chat: Iader Giraldo-Salazar, FLAR, and Sebastian Briozzo, Managing Director, Head of the Sovereign and International Public Finance Ratings Team in Latin America, S&P Global

Q&A Session

3:45 p.m. – 4:00 p.m.
Coffee break
4:00 p.m. – 5:30 p.m.

Policy Experts Roundtable

Chair: Nicola Giammarioli, Secretary General and Management Board Member, European Stability Mechanism – ESM

Policy experts:

  • Kevin Carey, Lead Economist at World Bank Group
  • Christine Richmond , Deputy Division Chief, Fiscal Affairs Department Climate Policy, International Monetary Fund – IMF
  • Pekka Moren, Special Representative of the Minister of Finance & Co-chair of the Coalition of Finance Ministers for Climate Action – Finland
  • José Antonio Ocampo, Professor at Columbia University, former Minister of Finance, and former member of the Board of Directors of the Central Bank of Colombia
5:30 p.m. – 5:40 p.m.
Closing remarks
Fidel Jaramillo, Secretary General, Latin American Reserve Fund – FLAR
6:30 p.m.
Closing dinner

May 17th, 2025 (Saturday)

0:00 a.m. – 0:00 a.m.

TBD
TBD
TBD, TBD

Registration Form

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