- OVERVIEW
- AGENDA
- SPEAKERS
The progressive impact of a changing climate brings new challenges for public finances and macro-fiscal sustainability. Physical risks, such as climate-related disasters, are increasing and have the potential to diminish the productivity of human, natural and social capital, thereby impeding economic growth and introducing direct and contingent fiscal liabilities. The potential impacts of transition risks have been made more real with the introduction of the EU's Carbon Border Adjustment Mechanism, with manufacturing sectors being particularly exposed due to their relatively high emissions intensity and trade exposure. Assessment of such risks is essential for climate risk management.
A two-day conference on Climate Fiscal Risks – What, Why and How, organized with the support from the European Union Trust Fund on Strengthening Fiscal Governance in the Western Balkan countries, was held on February 24-25, 2025, in Vienna, Austria. The conference convened senior officials on macro-fiscal policy, climate fiscal risk assessments, central banks, fiscal councils, the World Bank, OECD/Sigma, and the IMF. The objective was to generate and share knowledge on practical approaches to climate fiscal risks assessment, modeling, and reporting, and their integration into the budgetary process.
When: February 24-25, 2025
Where: Vienna, Austria, Praterstrasse 31/1, 1020
Time |
Subject |
Speakers |
February 24, 2025, Monday |
|
|
9:30-9:40 |
Introductory speech and welcome |
Jasmin Chakeri, Practice Manager, Economic Policy, World Bank |
9:40-10:10 |
Rei Odawara, Senior Economist, World Bank |
|
10:10-10:40 |
Jonas Manuel Frank, Regional PFM Adviser, IMF |
|
10:40-10:55 |
Coffee break |
|
10:55-11:25 |
Climate-related fiscal risks and fiscal sustainability nexus |
Sanja Madzarevic Sujster, Senior Economist, World Bank |
11:25-12:45 |
Climate impacts in the Western Balkans (the Western Balkans Climate and Development Report) |
Megha Mukim, Senior Urban Economist, World Bank Christos Kostopoulos, Lead Economist, World Bank |
Discussion |
||
13:00-14:00 |
Lunch Break |
|
14:00-15:30 |
Panel on fiscal risks monitoring in the EU candidate countries - Dr. Aleksandra Nakjeva-Ruzhin, North Macedonia - Aleksandar Crnomarkovic, Serbia (online) - Shota Gunia, Georgia (online) |
Panel with Ministries of Finance and SIGMA (presenting views on the basis of the 2024 monitoring exercise) Chair: Richard Record, Program Leader, World Bank |
15:30-15:45 |
Coffee break |
|
15:45-16:30 |
Managing fiscal risks in OECD countries and evolutions with climate risks monitoring |
Klas Klaas, Regional Manager EU Enlargement, OECD/SIGMA |
16:30-17:00 |
Discussion and Day 1 recap |
World Bank |
18:30 |
Dinner Café Ansari, Praterstrasse 15, Vienna |
|
February 25, 2025, Tuesday |
|
|
9:15-10:15 |
Assessment of fiscal impact of natural disasters – methodological approaches and example |
Evie Calcutt, Senior Financial Sector Specialist, Disaster Financial Risk and Insurance, World Bank |
10:15-10:30 |
Discussion |
|
10:30-10:45 |
Coffee break |
|
10:45-12:00 |
Climate Policy Assessment Tool - methodological approaches and example |
Victor Mylonas, Consultant, Chief Economist Climate Team, World Bank |
12:15-12:30 |
Discussion |
|
12:30-13:30 |
Lunch Break |
|
13:30-15:30 |
Charl Jooste, Senior Economist, Economic Policy Unit, World Bank (online) |
|
15:30-15:45 |
Coffee break |
|
15:45-16:00 |
Discussion |
|
16:30-17:00 |
Way Forward and Conclusions of the Workshop |
World Bank |
Date: February 24 - 25, 2025 ET
Location: Vienna, Austria, Praterstrasse 31/1, 1020