Organised by the Club of Regulators in cooperation with the OECD's Network of Economic Regulators

Mercredi 17 avril 2019
09h00 - 13h00
Room Raymond Aron (2nd floor), Université Paris-Dauphine

Climate change triggers a new set of risks. First, it results in transition risks deriving from the imposed shift of the socio-technic paradigm in many domains. Of course, transition is central for energy and transport sectors, but the reshaping of most value chains requires pervasive efforts of innovation and investments in many other industries as well. Industries and national economies might engage on very contrasted techno-economic paths due to several uncertainties - given by the nature of R&D processes and of technological competition, and also resulting from the difficulties in coordinating policies on the matter - translating into significant risks for investors and the society. Second, climate change implies physical risks due to extreme and unforeseeable events. The potential damages to large infrastructures (energy, transportation, telecommunications) entail costs and calls for further investments to prevent major disruptions. Moreover, interdependencies with other infrastructures and the threat of the potential cascading impacts they may cause, dramatically increase the vulnerability of our economies and societies. Third, climate change triggers political risks. At the domestic level, policies implemented to control carbon emission have potentially large redistributive effects and might challenge growth, and raise social conflicts and political instability. At the international level, the consequences of climate change impact upon the living conditions in large territories, potentially resulting in significant population movements and conflicts among nations.

All in all, the articulation of these risks challenges the ability of regulators to guarantee both a level playing field, and predictability and security to investors, operators and users. On the one hand, the raising uncertainties about the necessary investments to face climate change have an impact on financial markets; and on the other hand, the financial stresses due to climate-related macroeconomic and political risks have an impact on the cost of capital, an essential constraint in the regulation of network industries. Regulators are thus facing intertwined challenges, and new mechanisms of transmission of risks might emerge in the financial and insurance sectors to tackle climate-related issues.

This conference will bring together regulators, stakeholders from regulated industries and experts to share their view and discuss about the evolution of risks and potential solutions both in network industries and in the financial and insurance sectors.


  • Julie ANSIDEI | Head of Strategy and Sustainable Finance, French Financial Markets Authority (AMF)
  • Anne-Lise BONTEMPS-CHANEL | Head of the Insurance Risk Analysis Department, French Prudential Regulation Authority (ACPR)
  • Anna CRETI | Professor of Economics & Scientific Director, Chaire Economie du Climat at Dauphine University – PSL
  • Olivier DE BANDT | Director of International Economics and Cooperation, Banque de France
  • Catherine GAMPER | Economist & Policy Analyst, Public Governance Directorate - OECD
  • Annegret GROEBEL | Head of Department - International Relations / Postal Regulation, German Network Agency for Electricity, Gas, Telecommunications, Post and Railway (BNetzA)
  • Myriam MERAD | Research Director, CNRS
  • Matteo RAVA | Senior Policy Officer, European Securities and Markets Authority (ESMA)
  • Philippe TRAINAR | Former Chief Risk Officer, SCOR Group & Director, Chair on Insurance – CNAM


oecd_logo_0.png  Organised in cooperation with the OECD Network of Economic Regulators