Reshaping systemic risk governance: the post-GFC role played by climate risks

17 June 2026
FAW 9.04, London School of Economics, Clement’s Inn, London WC2A 2AZ

Aim
Registration
Venue
Programme
Sessions

Aim

The workshop uses climate risk as a test case to examine how the systemic risk landscape has evolved nearly fifteen years after the Great Financial Crisis (GFC).  To date, climate-related systemic risk has been addressed mainly indirectly, through collaboration across institutions and the repurposing or integration of existing tools, such as data infrastructures, stress testing, disclosure frameworks, and microprudential tools, rather than the post-GFC macroprudential toolkit.

The workshop will:

1. Assess how the integration of climate risks has generated new institutional collaborations and hybrid tools for systemic risk management;
2. Identify remaining gaps, including limits to data interoperability and the treatment of bank/non-bank relationship;
3. Examine barriers to the use of climate-related macroprudential tools and their potential role in easing financial and economic pressures while supporting the transition.
   
   

Registration

Please register here to attend in person.

If you have any questions, please do not hesitate to contact Martina Menegat, CETEx Policy Fellow, at m.menegat@lse.ac.uk

Venue

FAW 9.04, 9th Floor, Fawcett House (LSE Campus), Clement’s Inn, London, WC2A 2AZ
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Programme

Sessions

Session 1: Climate Data Architecture: cross-institutional approaches

Recent market stress highlights the growing importance of institutional data architectures in macroprudential policy, that is, the frameworks governing how data are collected, structured, used and shared between systems. Fragmented mandates and siloed data systems continue to hinder coordination, even as advances in ESG data, climate scenarios, as well as RegTech and SupTech tools enable new forms of cooperation across authorities. This session examines how climate risks are reshaping the post-GFC systemic risk data architecture.

Session 2: Mapping Contagion: structural linkages between banks and NBFIs

Risk in today’s financial system increasingly migrates through non-bank financial institutions (NBFIs), yet structural linkages among NBFIs and between NBFIs and banks remain poorly understood. These interconnections – via short-term funding markets, common asset exposures, and the expansion of NBFIs into private credit – can leave emerging vulnerabilities largely invisible to supervisors until stress materialises. Climate risks provide a useful lens for analysing these dynamics, as sustainability disclosure frameworks for NBFIs have significantly expanded climate-related data availability. However, analytical frameworks for understanding how climate risks transmit across NBFIs and banks remain underdeveloped, creating a growing gap between data expansion and systemic risk interpretation.

Session 3: Focus Groups – Climate‑Related Macroprudential Tools in a 2026 world

“The primary cause of crises is not the absence of data, but the failure to interpret it correctly and to act in a timely manner” (Borio, 2013). Participants will be divided into two groups to examine the operational challenges of applying macroprudential tools to climate-related risks (see taxonomy provided by Hiebert and Monnin, 2023), with a focus on:

• Merging macroprudential capital buffers
• Borrower-based measures 

Discussions will centre around how climate-related macroprudential tools could be applied to support financial stability while removing economic barriers to the energy and climate transition. In addition, they will address the question of whether these measures can be used to address compound risks, which include climate as well as other macrofinancial risks.