Bank of Korea’s response to climate change
South Korea, being among the world’s most carbon-intensive economies, needs to deliver bold climate action to fulfil its pledge to cut greenhouse gas emissions by 40% by 2030 and ensure a smooth transition to net zero. Like other central banks, the Bank of Korea has a significant role to play in greening the economy. Since 2021, BoK’s climate change response task force has been working on a climate risk management strategy and analysing the impact of climate change on Korea’s macroeconomy and financial system.
This virtual roundtable will discuss how BoK integrates climate considerations across its activities and its work on climate stress tests and establishing a climate risk management system in the financial sector. As central banks of the largest economies tighten monetary policy to cool inflationary pressures, the roundtable will also examine what it means for climate finance.
Chang Yong Rhee, Governor, Central Bank of the Republic of Korea, former director of the International Monetary Fund’s Asia and Pacific department
This meeting will be conducted under the OMFIF Rules.
This virtual discussion is part of the OMFIF Sustainable Policy Institute. The SPI is a high level community which brings together central banks, sovereign funds, public pension funds, and their counterparts in asset management, banking and professional services to explore policy, regulatory and investment challenges posed by environmental, social and governance themes. See more information on OMFIF’s SPI here.
The Sustainable Finance Policy Tracker provides a comprehensive overview of different countries’ approaches to mitigating climate risks in the financial sector.
Covering 22 countries and jurisdictions, the tracker presents information on 14 areas that include regulatory and supervisory measures, climate stress testing activity, net zero strategies, green bond issuance and disclosure requirements.