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Risques climatiques et règlementation financière prudentielle

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  • Frédéric CHERBONNIER
  • Ulrich HEGE

Abstract

Nous analysons la réglementation financière climatique optimale pour répondre à la question de savoir quand les exigences de plafonnement doivent être différenciées afin d’encourager les investissements liés au climat. Nous distinguons deux dimensions clés des politiques climatiques : les émissions de carbone (atténuation) et l’investissement dans la résilience au climat (adaptation), et nous envisageons deux scénarios selon que les politiques en matière de carbone sont efficaces ou inefficaces. Nous montrons que, pour les régulateurs financiers, la perspective de chocs climatiques extrêmes justifie des exigences de fonds propres différentielles même lorsque les prix du carbone sont efficaces. Lorsque des événements climatiques extrêmes se produisent, les politiques monétaires et fiscales et les régulateurs financiers réagiront de manière optimale par des politiques d’adaptation. L’anticipation de ces accommodements réglementaires entraîne des distorsions dans les incitations à l’investissement privé. La politique ex ante optimale des régulateurs tentera de corriger ces distorsions. Nous montrons également que les régulateurs devraient différencier les exigences de capital lorsque les agents privés n’internalisent pas suffisamment les effets des investissements dans la résilience. Enfin, les régulateurs devraient différencier les exigences de capital qui encouragent à la fois les investissements de réduction et de résilience lorsque les politiques du carbone sont inefficaces.Ce papier de recherche est publié dans le cadre des groupes de travail de l'International Research Initiative on Public Development Banks, et à l'occasion de la 14ème conférence internationale de recherche de l’AFD sur le développement.Réaliser le potentiel des banques publiques de développement pour atteindre les objectifs de développement durable, c’est l’ambition du programme de recherche lancé par l'Institut de la nouvelle économie structurelle de l'université de Pékin (INSE), et soutenu par l’Agence française de développement, la Fondation Ford et l’International Development Finance Club (IDFC).Consulter la synthèse pour un aperçu rapide de ce travail et des résultats de rechercheVisionner le pitch vidéo

Suggested Citation

  • Frédéric CHERBONNIER & Ulrich HEGE, 2020. "Risques climatiques et règlementation financière prudentielle," Working Paper b08f5c14-94fc-4ccc-b857-6, Agence française de développement.
    • Handle: RePEc:avg:wpaper:fr11709
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    References listed on IDEAS

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