January 2019 Monsignor De Brún Lecture to Focus on Climate Change and the Financial System

The 2019 Monsignor Pádraig de Brún Memorial Lecture, entitled Climate Change and the Financial System, will be delivered by Philip Lane, Governor of the Central Bank of Ireland. The lecture will take place on Tuesday, 5 February at 5.30pm in the Human Biology Building, NUI Galway.

Central Bank Governor Philip Lane will address the implications of climate change for the Irish financial system. All sectors will be affected by climate change, whether through exposure to weather-related shocks or the economy-wide transition to low-carbon means of production and consumption. These structural changes will require considerable investment by households, enterprises and Government to retrofit buildings and switch to low-carbon production techniques and transportation methods.

The funding of this investment is just one of the challenges facing the financial system. In addition, it must cope with carbon-related market risks and credit risks, a reduction in the insurability of climate-vulnerable regions and activities and the tail risks of macroeconomic and financial instability. Given the scope and severity of these risks, addressing climate change is now high on the policy agendas of the central banking and regulatory communities. Accordingly, this lecture will outline the climate-related work agenda facing the Central Bank of Ireland. 

Welcoming the 2019 De Brún lecture, NUI Galway President, Professor Ciarán Ó hÓgartaigh said: “I’m delighted to welcome Philip Lane to campus for this important public lecture. Now recognised as one of the most pressing and urgent issues of our time, climate change is central to public policy across the globe. Addressing climate change through financial systems is one of the most powerful ways to effect policy reform and I look forward to learning more about the interventions required by this social imperative. I’m delighted that the theme of this year’s De Brún lecture reflects work undertaken here at NUI Galway, at the Whitaker Institute and in other research groups dealing with environmental and social change. Monsignor Pádraic de Brún, whose legacy we honour with this lecture, was one my predecessors as Uachtarán and a multi-disciplinary scholar – mathematician, linguist, poet. In that spirit, climate change will require multi-disciplinary inquiry and intervention from all disciples - science, social sciences, engineering and the arts - in order to address what is surely one of the most fundamental issues of our age.” 

Philip R. Lane is the 11th Governor of the Central Bank of Ireland, and a member of the European Central Bank’s (ECB) Governing Council and chair of the European Systemic Risk Board’s (ESRB) Advisory Technical Committee. His research interests include financial globalisation, macroeconomics of exchange rates and capital flows, macroeconomic policy design and European monetary integration. His work has been published in the American Economic Review, Review of Economics and Statistics, Journal of Economic Perspectives, Journal of International Economics, NBER Macroeconomics Annual and many other journals.  
He was the inaugural recipient of the German Bernacer Award in Monetary Economics for outstanding contributions to European monetary economics, and the co-recipient of the Bhagwati Prize from the Journal of International Economics. He has also acted as an academic consultant for the European Central Bank, European Commission, International Monetary Fund, World Bank, OECD, Asian Development Bank and a number of national central banks.

This biennial public lecture is held in honour of Monsignor Pádraic de Brún who served as University President from 1945 until 1959. The memorial lecture, given by internationally renowned artists, experts and academics, have been running since the 1960s – among the most recognised of De Brún speakers was Professor Stephen Hawking who in 1994 gave a public lecture on “Life in the Universe”. 

The lecture is open to the public and will be followed by a reception with refreshments.

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Léacht Chuimhneacháin an Mhoinsíneora de Brún 2019 le súil a chaitheamh ar Athrú Aeráide agus an Córas Airgeadais

Is é Philip Lane, Gobharnóir Bhanc Ceannais na hÉireann, a thabharfaidh Léacht Chuimhneacháin an Mhoinsíneora Pádraig de Brún 2019, dar teideal Climate Change and the Financial System. Reáchtálfar an léacht Dé Máirt, an 5 Feabhra ag 5.30pm in Áras na Bitheolaíochta Daonna, OÉ Gaillimh.

Tabharfaidh Gobharnóir an Bhainc Ceannais aghaidh ar na himpleachtaí atá ag athrú aeráide do chóras airgeadais na hÉireann. Níl earnáil ar bith ann nach mbeidh tionchar ag athrú aeráide uirthi, bíodh sin trí nochtadh d'eachtraí suaite atá bainteach leis an aimsir nó tríd an aistriú atá ag tarlú ar fud an gheilleagair go dtí modhanna táirgthe agus tomhaltais ísealcharbóin. I bhfianaise na n-athruithe struchtúracha seo, beidh ar theaghlaigh, ar ghnólachtaí agus ar an Rialtas infheistíocht shuntasach a dhéanamh chun foirgnimh a athfheistiú agus chun aistriú go dtí teicnící táirgthe agus modhanna iompair ísealcharbóin.

Níl i maoiniú na hinfheistíochta seo ach ceann amháin de na dúshláin atá roimh an gcóras airgeadais. Anuas air sin, ní mór dó déileáil le rioscaí margaidh agus le rioscaí creidmheasa a bhaineann le carbón, le deacrachtaí árachas a fháil i gcás réigiún nó gníomhaíochtaí atá leochaileach don athrú aeráide agus leis na rioscaí eirre a bhaineann le míshocracht mhaicreacnamaíoch agus airgeadais. I bhfianaise scóip agus dhéine na rioscaí sin, tá aird na bpobal baincéireachta ceannais agus rialála dírithe anois ar an gcaoi le dul i ngleic le hathrú aeráide agus iad i mbun ceapadh polasaithe. Déanfar cur síos sa léacht seo, dá réir sin, ar an gclár oibre atá roimh an mBanc Ceannais féachaint le haghaidh a thabhairt ar athrú aeráide. 

Ag é ag cur fáilte roimh léacht de Brún 2019, dúirt Uachtarán OÉ Gaillimh, an tOllamh Ciarán Ó hÓgartaigh: “Tá an-áthas orm fáilte a chur roimh Philip Lane go dtí an campas ar ócáid na léachta poiblí tábhachtaí seo. Aithnítear go forleathan anois go bhfuil an t-athrú aeráide ar cheann de na fadhbanna is práinní atá roimh lucht déanta polasaí ar fud an domhain. Ceann de na modhanna is cumhachtaí chun athchóiriú polasaí a bhaint amach is ea aghaidh a thabhairt ar athrú aeráide trí chórais airgeadais agus tá mé ag súil tuilleadh a fhoghlaim faoi na hidirghabhálacha atá de dhíth chun tabhairt faoin gceanglas sóisialta seo. Tá an-áthas orm go dtarraingíonn léacht de Brún na bliana seo aird ar an obair atá idir lámha anseo in OÉ Gaillimh, in Institiúid Whitaker agus i ngrúpaí taighde eile atá ag plé le hathrú comhshaoil agus sóisialta. Duine de na hUachtaráin a chuaigh romham ba ea an Moinsíneoir Pádraig de Brún a bhfuil a oidhreacht á hurramú againn leis an léacht seo, fear a bhí ina ileolaí – matamaiticeoir, teangeolaí, file. Sa chomhthéacs sin, beidh fiosrúchán agus idirghabháil ildisciplíneach ag teastáil – ó dhisciplíní na heolaíochta, na n-eolaíochtaí sóisialta, na hinnealtóireachta agus na ndán – chun dul i ngleic le ceann de na saincheisteanna is bunúsaí dár ré.”

Is é Philip R. Lane an 11ú Gobharnóir ar Bhanc Ceannais na hÉireann, agus é ina chomhalta de Chomhairle Rialúcháin Bhanc Ceannais na hEorpa (ECB) agus ina chathaoirleach ar Choiste Teicniúil Comhairleach an Bhoird Eorpaigh um Riosca Sistéamach (ESRB). I measc na réimsí taighde atá aige, áirítear domhandú airgeadais, maicreacnamaíocht rátaí malairte agus sreabha caipitil, dearadh polasaithe maicreacnamaíocha agus comhtháthú airgeadaíochta na hEorpa. Tá ailt leis foilsithe san American Economic Review, Review of Economics and Statistics, Journal of Economic Perspectives, Journal of International Economics, NBER Macroeconomics Annual agus go leor irisí eile.

Ba é an chéad duine é ar bronnadh Gradam German Bernacer in Eacnamaíocht Airgeadaíochta air as a chion éachtach i réimse eacnamaíoch airgeadaíochta na hEorpa, agus bhí sé ar dhuine d'fhaighteoirí Dhuais Bhagwati ón Journal of International Economics. Tá tréimhsí caite aige chomh maith mar chomhairleoir acadúil do Bhanc Ceannais na hEorpa, an Coimisiún Eorpach, an Ciste Airgeadaíochta Idirnáisiúnta, an Banc Domhanda, an Eagraíocht um Chomhar agus Fhorbairt Eacnamaíochta (OECD), Banc Forbartha na hÁise mar aon le roinnt banc ceannais náisiúnta eile.

Tionóltar an léacht phoiblí dhébhliantúil in onóir an Mhoinsíneora Pádraig de Brún a bhí ina Uachtarán ar an Ollscoil ó 1945 go 1959. Ealaíontóirí, saineolaithe agus acadóirí a bhfuil cáil idirnáisiúnta orthu a thugann an léacht cuimhneacháin seo atá á reáchtáil ó na 1960í. Duine de chainteoirí de Brún ab aitheanta dá raibh ann ba ea an tOllamh Stephen Hawking a thug léacht phoiblí in 1994 dar teideal “Life in the Universe”.

Tá cead isteach ag an bpobal ag an léacht agus beidh fáiltiú ina dhiaidh, áit a gcuirfear sólaistí ar fáil.

-Críoch-