11.12.2019  Opening remarks Conference Climate Change. Challenges for the Financial System/Banco de España Margarita Delgado Deputy Governor  Good morning, Welcome to the Banco de España for this Conference, where we intend to take a look at the main challenges that climate change poses for the financial sector. The Conference takes place amid two intense weeks of the COP25, which is full of other interesting conferences and events. But I assure you that you won´t regret your decision to be with us today. The World Meteorological Organization certified last week that 2019 will close a decade of exceptional global warming, retreating ice and record sea levels, driven by greenhouse gases from human activities. 2019 is on course to become the second or third warmest year on record. The global average temperature in 2019 was about 1.1 degrees Celsius above the preindustrial period.1 The IPCC estimated that we could reach a temperature increase of 1.5oC between 2030 and 2052;2 but, given the latest evidence, this may actually occur sooner. There is now broad consensus that global warming above 2°C, relative to pre-industrial levels, would have significant economic and social consequences. The effects of climate change are widespread. It impacts directly on the environment, ecosystems and marine life, but it has also important implications in terms of human health, water resources, food production and migration. There is no time for procrastination. We need to accelerate the reduction of greenhouse gas emissions through the implementation of decisive and forceful climate policies, and we need to begin now.
Unfortunately, it would seem that it hasn´t been till recently that this call for action has been taken seriously. In his keynote presentation Lord Stern will shed some light on whether we are still in time to avoid the worst impact. Thank you very much for accompanying us today. Still, we shouldn´t forget that the fight against climate change also has a human and social dimension. The transition to a low-carbon economy must also be “fair” or “just” for the economic sectors most affected. This is one of the objectives of the 2030 Agenda for Sustainable Development, which commits to eradicate poverty and achieve sustainable development worldwide by 2030, ensuring that no one is left behind. The Agenda integrates in a balanced manner the three dimensions (economic, social and environmental) of sustainable development through seventeen Sustainable Development Goals. Ms. Cristina Gallach, High Commissioner for the 2030 Agenda, will moderate the panel that will follow Lord Stern´s presentation, and will share with us the progress that is being made in this respect. Thank you very much, Cristina, for being here today. I am sure we are all looking forward to hearing Lord Stern’s speech. But first, let me say a few more words about the implications that the transition to a low-carbon economy has for the financial sector, and the kind of actions that Supervisors and Central banks are taking to address this global challenge.