Course introduction session led by the chair

• Introductions and welcome from the chairperson
• Overview of the training course
• Discussion of the delegate expectations

Climate risk and the ESG agenda: impact and implications for central banks

• Climate change as the emerging source of local and systemic instability
• Impact and implications for monetary policy strategy, conduct and implementation
• Overview of new roles and responsibilities for central banks in the areas of green finance and ESG
• Discussion: how are central banks tackling climate risk in the delegates’ home jurisdictions?

Integrating climate change and green finance into central bank mandates

• Do climate-related risks and mitigation policies fit into central bank mandates and objectives?
• Should central banks be mandated to play a role in greening the financial system?
• Comparing mandates and policy tools in high-income regions vs. developing economies
• Discussion: what are the risks of overstretching central banks’ mandates?

Greening central banks’ internal operations

• What are central banks doing to green their internal operations?
• Key sustainability goals and targets for cutting central banks’ environmental footprints
• Successes and challenges from central banks with advanced green initiatives
• Discussion: which areas are participants’ own organisations focused on greening?

Adapting monetary policy operational frameworks to reflect climate-related risks

• The challenges of assessing the consequences for monetary policy effectiveness
• Identifying the options that a central bank could consider
• Assessing potential climate-related adjustments to monetary policy operational frameworks
• Discussion: is disclosure a prerequisite for other potential adjustments?

Sustainable investing: key challenges and opportunities

• Emergence of sustainable investing as the new normal
• Impact of ESG mandate on the investment strategies of central banks
• Tips for balancing financial and sustainability requirements
• Criteria for assessing the suitability of available products and services

Climate stress testing and modelling

• Climate change: risks for financial stability
• Climate change: the supervisory approach
• Climate change stress testing: design and conceptual issues
• Case studies: lessons and some results from climate change stress testing

Climate change and the data challenge

• Overview of climate-related data needs, availability and gaps
• Key environmental metrics identified by central banks
• Discussion: what challenges does data pose for participants own organisations?

Toolkit for assessment of climate-related physical risks

• Dimensions of physical risk assessment
• Data sources and geospatial tools for physical risk analysis
• Experimental indicators for physical hazards

Green taxonomies and disclosure requirements

• The EU green taxonomy and its applications
• Disclosure requirements linked to the EU green taxonomy
• Estimating the taxonomy-alignment and the exposure to transition risk in financial portfolios
• Discussion: which taxonomies are participants using in their own organisations?

Effective disclosures: improving governance by improving transparency

• Areas of the TCFD framework useful for central banks’ own disclosures
• NGFS Guide on climate-related disclosure for central banks
• Opportunities and challenges of climate disclosures
• Discussion: should central banks lead by example on climate-related disclosures?

Incorporating climate change and sustainability into strategic plans

• Developing a clear strategic view of central banks’ appetite for climate-related risks
• Introducing explicit strategies to support the transition to net-zero
• Liaising and coordinating with supervisors and policymakers
• Case study: a central bank’s strategic plan for climate change

Closing remarks and delegate action plans

Concluding session led by the chair

• Summary of the course
• Discussion of the observed trends and case studies
• Application of learning points in the delegates’ home organisations
• Preparation of action points