BIS’s Luiz Pereira on tackling the climate crisis

Deputy general manager highlights the challenge posed by radical uncertainty, the benefits of carbon budgeting, and the case for acting now

Luiz Awazu Pereira da Silva
Photo: Louis Rafael Rosenthal

How have things changed in the past year, since the Green swan book came out?1

There is much higher awareness of the specifics of climate-related risks, what we call “green swans”. They are of a very different nature to other risks: they are irreversible, they are bound to happen, they are not the tail of a distribution. They have tipping points, beyond which they trigger very different types of severe ramifications compared to other financial crises.

The Green Swan conference was a

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