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Bolstering the financial sector’s resilience to environmental risks

The roundtable discussion "Bolstering the Financial Sector's Resilience to Environmental Risks" at Elevandi Insights during the Singapore Fintech Festival 2023 brought together regulators, policymakers, industry leaders, and financial experts, fostering dialogue aimed at fortifying the global financial system against the growing threats posed by environmental uncertainties.

The discussion particularly underscored the staggering $2.8 trillion cost incurred globally over the past two decades due to extreme weather events, emphasising the urgent need to enhance financial resilience against this risk. Participants identified fragmented initiatives, limited funding, poor environmental awareness, and data gaps as barriers to global efforts. Recognising the essential roles of various stakeholders, the discussion also highlighted the real economy's contribution, financial institutions as catalysts, investors as financiers, governments as enforcers, and Green Fintech as enablers in environmental risk management.