Norges Bank Climate Conference
On 21 October 2025, Norges Bank and Norges Bank Investment Management (NBIM) hosted a high-level conference on climate change. This full-day event aims to deepen our understanding of the impact of climate change and the energy transition on the macroeconomy and financial markets.
Programme
09:00: Welcome remarks
Ida Wolden Bache, Governor and Chair (Norges Bank)
Nicolai Tangen, CEO (Norges Bank Investment Management)
09:15: Climate change and macroeconomic impacts
Chair: Deputy Governor Øystein Børsum (Norges Bank)
Bjørn Samset (CICERO):
Climate change is changing: Setting the scene (pdf)
Solomon Hsiang (Stanford University):
Macroeconomic impacts of climate change (pdf)
Emilia Garcia-Appendini (Norges Bank and University of St Gallen):
Impacts of extreme weather events in Norway (pdf)
10:20: Break
10:30: Energy transition and macroeconomic impacts
Chair: Caroline Espegren (BI Norwegian Business School and Norges Bank)
Diego Känzig (Northwestern University):
Macroeconomic impacts of climate policies (pdf)
Bård Harstad (Stanford University):
Climate coordination and fossil-fuel traps (pdf)
Hilde Bjørnland (BI Norwegian Business School):
Challenges of the energy transition for the Norwegian economy (pdf)
12:00: Lunch break
13:00: Keynote addresses and conversation
Chair: Deputy Governor Øystein Børsum (Norges Bank)
Christine Lagarde, President (European Central Bank): Keynote address I
Al Gore, former US Vice president and Chairman (Generation Investment Management): Keynote address II
Conversation with President Christine Lagarde and former US Vice President Al Gore moderated by Director Kristin Halvorsen (CICERO)
14:00 Break
14:30 From climate risk to investment opportunity
Chair: Caroline Espegren (BI Norwegian Business School and Norges Bank)
Tim Lenton (University of Exeter):
Risks and opportunities of borth negative and positive tipping points
Laura Starks (The University of Texas at Austin):
The role of climate information in investment decisions (pdf)
Harrison Hong (Columbia University):
Risk and return of climate investments (pdf)
15:50 Concluding remarks
Chief Governance and Compliance Officer Carine Smith Ihenacho (Norges Bank Investment Management)
16:00 Official programme ends
More information
04:28:34
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