Norges Bank

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

Edited 19 November 2025 11:00

More information

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Edited 19 November 2025 11:00