THE Bangko Sentral ng Pilipinas (BSP) hosted the first Green Swan Conference held outside Basel, Switzerland. The event brough together participants from Europe, Asia and the Pacific, the Middle East, and the Americas.
Central bankers, climate scientists, and leaders from finance and business gathered to discuss how physical climate risks are evolving and what can be done to manage their impact on the economy and financial system.
Co-organized with the Bank for International Settlements (BIS), Banca d’Italia, and Network for Greening the Financial System (NGFS), the conference took place on 19 October 2026 at the Philippine International Convention Center in Manila.
With the theme “Navigating climate risks amid uncertainties,” the conference linked advances in climate risk assessment with practical ways to manage disaster losses and strengthen resilience in the real economy.
In his welcome remarks, BSP Governor and Chairman of the Monetary Board Eli M. Remolona, Jr. underscored how climate shocks can affect the economy. “A flooded rice field means higher prices for rice. A washed-out road disrupts supply chains. What begins as a climate event can quickly become an inflation problem, a financial stability concern, and a threat to sustained growth,” said the BSP Governor.
De Nederlandsche Bank President and NGFS Chair Olaf Sleijpen, meanwhile, highlighted the growing economic impact of extreme weather and the need to strengthen resilience. “We must make our economies as resilient as we can to the effects of climate change,” he said.
In a recorded opening address, Banca d’Italia Governor and BIS Board of Directors Chair Fabio Panetta emphasized that addressing climate risks is integral to central banks’ responsibilities. “The challenge is not to expand our mandates. It is to fulfil our existing mandates in a changing environment,” he said.
Panel discussions explored three interconnected dimensions of climate resilience: assessing physical climate risks, strengthening financial protection against disaster losses, and building resilience in the real economy.
Speakers discussed advances and challenges in translating climate science into economic and financial risk measures. They also examined the role of insurance and other risk-sharing mechanisms in narrowing protection gaps and helping businesses withstand climate-related shocks.
In his keynote address, European Central Bank Executive Board Member Frank Elderson underscored how climate and nature risks affect central banks’ responsibilities for price stability, banking soundness, and financial stability. He stressed the need for better data and analysis, noting: “We cannot predict the future with certainty, but we can try to understand how risks may evolve, identify vulnerabilities and strengthen resilience.”
The conference concluded with a high-level panel featuring BSP Governor Remolona, Central Bank of Trinidad and Tobago Governor Larry Howai, and Hong Kong Monetary Authority Chief Executive Eddie Yue. The discussion was moderated by BIS General Manager Pablo Hernández de Cos. The discussion focused on the impact of climate hazards on the economy and financial system, central banks’ responses, and priorities for further work.
To watch the recording of selected sessions and learn more about the conference, visit the BIS event webpage at https://www.bis.org/events/20261019-green-swan-2026-navigating-climate-risks-amid-uncertainties. PR