Abstract Fighting climate change is one of the biggest challenges in the 21st century. Climate change that leads to global warming has been increasingly visible in our environment. Extreme weather conditions such as hurricanes, floods, and droughts have been escalating and their acceleration can be expected in the future. They cause changes in sea levels, epidemics, large fires, etc. Increasingly, we are witnessing minor or major damage caused by these extreme weather conditions. Numerous studies have proven that climate change has negative impact on economic growth and prosperity. However, this paper starts from the premise that in addition to unequivocally identified threats, climate change also creates opportunities. The paper reaches a conclusion that climate change can adversely affect balance sheets of financial institutions. Therefore, climate change is a source of financial risk and thus a part of the mandate of central banks and supervisors in preserving financial stability. This type of risk has not been given enough attention by either supervisors or financial institutions over the past period. This paper develops a model for managing financial risks as a result of climate change.

中文翻译：

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金融稳定与气候变化

摘要应对气候变化是21世纪最大的挑战之一。导致全球变暖的气候变化在我们的环境中越来越明显。诸如飓风，洪水和干旱之类的极端天气条件一直在升级，预计将来会加速增长。它们导致海平面变化，流行病，大火等。我们越来越目睹由这些极端天气情况造成的轻微或重大破坏。大量研究证明，气候变化对经济增长和繁荣具有负面影响。但是，本文从这样一个前提开始，即除了明确确定的威胁外，气候变化还创造了机会。本文得出的结论是，气候变化可能会对金融机构的资产负债表产生不利影响。所以，气候变化是金融风险的根源，因此是中央银行和监管机构维护金融稳定任务的一部分。在过去的一段时间里，主管或金融机构都没有对这种风险给予足够的重视。本文开发了一个模型来管理气候变化导致的金融风险。